In Hyper mode by holding X, Triangle, and R2 when you start the game, you’ll just do rematch after rematch with randomized characters. There is a menu that allows you to select what characters and versions are available to each player. By setting this to you vs. the computer, it’s pretty darn cool.
There are four additional modes, accessible by holding select and pressing away from the center of the screen – left on the player 1 side – while selecting your -ism. (So, you need to select the Alpha 3 version of your character to do this.) From top to bottom, these modes are Darkstalkers (chain combos), SF3 (X-ism with parrying), Champion Edition (VERY high damage and dizzy, only available to the old characters), and vs. (some additional moves from the vs. series).
However, there are a few problems. For one, it doesn’t seem that you can disallow the ‘easy’ modes from Alpha 1 and 2, from what I can tell. And I don’t think you can disallow the Champion Edition versions of characters from Alpha 2 and Alpha 2 Gold, either. The computer doesn’t know how to play the special isms, and sometimes gets a little confused. (Like computer Dictator won’t use the non-super psycho crusher in modes where it exists.)
There seems to be an inconsistent glitch where command throws used by Alpha 1-2 characters against Alpha 3 characters sometimes do tiny damage. For example, the computer Sagat (A3) used a fireball at me (Birdie, A2) from across the screen at 10% life or less. I thought, ‘Great!’ and used my pounce super at level 2 and it didn’t do enough damage to beat him. This seems to happen every time if it happens at all in a match, but sometimes it will always do 100% damage in a match. Not sure what causes this, or if it only happens in the endless random mode or what.
In short, Hyper mode is a lot of fun! Enjoy!