The REAL MUGEN. You know... by Elecbyte, the creators. The last official version of MUGEN was released back in... 2001, I think. And it was just a beta. Since then, Elecbyte disappeared and the MUGEN community took over, updating the program to the point where it could run on Windows (32-bit) and play both hi-res and lo-res stages. Now that Elecbyte is back, they've been releasing release candidates for their latest MUGEN effort. They're up to MUGEN 1.0 RC5 right now.
For those who don't know what MUGEN is, it's a fully customizable fighting game maker. You make stages, characters, screenpacks, lifebars, whatever and put them up for download or create your own complete game.
MUGEN is also responsible for a large percentage of crappy, loud videos on Youtube...
For more info, go to www.elecbyte.com and click on "Get M.U.G.E.N 1.0 RC5 now!"
Although this version is official, it's not complete. For the current version that most people are still using, try looking around http://randomselect.piiym-net.com/.
I've tried to get them to work on the MIDI playback issue since MIDI sequences with... GS bank changes or whatever... will end up sounding weird. It seems like they're not interested in improving this functionality. Though I should note that MUGEN 1.0 can play some files just fine that don't sound right on the current iteration of the fan-edited MUGEN program.

