If it's the story & action part of the of the movie. Then your right on the money on that. The actions seances are still great & good to watch many times over. The way that it shot is a good reminder to get the right angle in a fight seance & keep a nice flow of that fight. Some of the story right on with the game & other parts are just OK, but the cast of characters is great that makes up for the bad parts.
The only thing that I can think of that will has not aged well is some of the CGI thru out the film. Most of the CGI seems that it was very cheap & post there in the last minute witch kills the mood for a bit. The only good CGI that I still see is when Shang Tsung stealing souls from the fallen combatants. I know it may not look good to others, but I think that still look very good.
Over all it's still nice to see a good film that was gone very well. If I've had to rate this film by today's standards. It will be a 7.9/10 score. It still seems to stand out even thou the VF/CGI are a bit dated & got a bad sequel in 1997. A truly a great film that I've seen many times & still love it.