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The Japanese anthology Wii version DOES NOT allow you to change regions in the options screen, and I assume the American release will be the same way... and therefore the VC version will have full fatalities via the aforementioned region trick, whereas the anthology disc will be screwed up (having red blood, yet lacking fatalities). I'm not sure which version the Anthology disc version of SSII is emulating, because it's not the arcade version (doesn't say "insert coin"), and it doesn't seem to be the NEO-GEO console version either (which I've played on MAME extensively). Perhaps it's the Japanese NEO-GEO console... but I don't understand why the SSII on the Jap Anthology has fatalities removed, while SSI on the Jap Anthology (EXACT SAME DISC!) has the slicing in half, blood geysers, and spilling bananas*. I played SSII in an arcade in Funabashi about two years ago, and there were definitely fatalities... who knows why this version got singled out for censorship.
* Cham-Cham spills bananas when she is sliced in half in mid-air.