I consider games where 5 or more charecter can win tournamnets balenced.
That leaves SSBM.
Mortal kombat does not have tourneys cuz it's garbage.
Marvel vs Capcom is a peice of **** infinate fest. where everybody uses the same team (aside from sometimes chageing 1 character out of 3 occasinoly)
Trubo's good as long as Akuma's banned. That leaves Ryu,T Hawk, Ken and Chun Li.
Virtua Fighter 2 on the saturn is balenced IIRC. I was little when I played it though so I may not have been using good techniques.
Guitly Gear seems "Okay".
All in all nothing Beats SSBM.
EDIT: Wow I forgot SSB 64. That game is balenced except maybe a few charecters suck.
EDIT2: And soul calibur is a button mashing garbage game. At least 2 is. Same with tekken. And tekken players are *******s to boot. Come to think of it everyone who plays fighting games other then SSB Players are complete idiots who think they play the best "Type of Game".
Toxn, your an idiot beyond comprehension, your very single post tells me that you have 0% knowledge of fighting games outside of SSBM.
MvC2 may have the Big 4 running the game, however any well knowledged MvC2 players know that different sets of teams like MSP, Santhrax, Rowtron etc, all present different styles of play, you cannot rushdown with Santhrax like you can with MSP, it just won't work, so quit your "infinite" crying, because the only person to really do that consistently is Mags out of the Top 4, and no offense, but Mag's Rom's are 50x harder to do than Foxes shines.
Funny how this game gets alot of bashing from lots of players(Mostly by those who don't know much about the game again points at Toxn), yet this is the most exciting fighting game to watch period, especially during Evolution, not to mention it has the biggest trash talking, drama and money matches.
Virtua Fighter 2 is not balance, lmao, I guess you never saw any of the nonsense you can do within that game now did you?
ST is very balanced, infact one of the most balanced Street Fighter games, with O. Sagat, Sim, and Balrog on top, however Ryu, Chunli, Vega, Bison, Honda, Guile, Gief, etc are all very playable...T.Hawk is considered the worst character although he can kill you in less then 20 seconds(easier said then done).
Tekken 5 : DR although my most despised Tekken game, it's balance is the BEST EVER. The gaps between the Top characters like Mishima's to the middle-tier class is surprisingly not a huge gap at all. I've seen tons of variety within the placements for T5:DR at high lvls.
Street Fighter II Hyper Fighting is the most balanced Street Fighter game of all time period. Practically every single character can be played at the highest lvls (Sim, Claw, Balrog have some very bad matchups but they are still good, and they also have some extremely good matchups as well) except for M. Bison who just got completely nerfed comming out of CE, he's the only character within the cast who is completely crippled.
I don't remember much about SC anymore(since I kind of stopped caring after crappy SC2, and even worse yet SC3 *shrugs*) however SC1 recieved the biggest recognition(Excellent Game Engine, Gameplay period), there wasn't an entirely overpowered character unlike in SC2 (Mistu with 2b2, Xianghua 8-Way Run) or in SC3 (VC's where busted, 88B with Mistu was stupid, Xianghua still HAD whoring 8-Way Run although not as good anymore, the Sisters where completely outrageous with easy 70%+ strings).
VF4:Evolution is balanced, yes, I will say this again, their is a Tier Listing, that's why you see characters like Kage doing very well. Most balanced 3-D game of all time period though.
Those are the few fighting games that come into mind for me, that I know.