It's been a while since our last update, so here's a new revision of M.U.G.E.N. The 1.0 RC7 release features a collection of bugfixes for CNS and other issues. More info.
The experimental "EX + alpha" branch, which focuses on addressing music/sound issues in the main RC series, also makes its return this time around. You can see the dev blog for a more detailed discussion.