VGFacts

First of all I want to give some shoutouts to Miðgarðsorm from the SRK forums for compilling all of this information.

In the game Capcom Fighting Jam/Evolution, the character Demitri retains his Midnight Bliss move, said move having some interesting effects on the character being affected by it, some characters even having TWO transformations -the normal and a special one- the special one being triggered by executing Midnight Bliss using all the punch buttons.

• Ryu's Midnight Bliss transforms him into the Indian girl he helped from Street Fighter II: The Animated Movie.
  

• Zangief turns into "Zangyura-chan, the little tangerine vending Russian girl" (ザンギュラちゃんでロシアの蜜柑売り).  This character has quite the long and messy story, but basically it is Capcom's jab at the Gamest magazine. You see, Gamest was notorious for its numerous typos over the years, various of which have entered Japanese gamers' language as jokes. One of the most infamous of these occurred in issue 83, published in January 1993. There was a special covering SF2T location test, and they wrote about Zangief's then-new Quick Lariat (provisionally named Super Lariat) that "By pressing all kick buttons, Zangyura can do a very quick Super Uriajjō, without collision detection in his legs (ザンギュラはキックボタン3つ同時押しで足に判定のない、早めの回転のスーパーウリアッ上が出せる。) . Because they made such an impressive chain of errors, they earned the laughs and scorn of their readers. Then, they tried to defend themselves stating they had copied the names from a badly handwritten note, but "Zangyura" had already become a meme. After Capcom created the now defunct CFJ official site, they decided to canonize Gamest epic fail by giving the name Zangyura to this female version of Zangief.
  

Her visual desing is loosely based upon Čeburaška, one of the most famous Russian characters, and extremely popular in Japan as well (so much so that its last animated movie was in fact done by a Japanese author). Zangyura sells tangerines because Čeburaška was discovered in an orange crate, a scene that became iconic.

• Sakura becomes a Gym teacher, which is how she appears at the end of the Sakura Ganbaru! manga, also reprised in her SFIV ending.
  

• Normal Guy turns into a headswap of Maki
  
  Special Guy however, turns him into Shadow Girl, a ninja character appearing in Capcom's Gotcha Force.
  
  
  
• Normal Rose turns her into a gondolier with a Venetian mask, which is based on Lisa Lisa's (JOJO'S BIZARRE ADVENTURE) first appearence, where she disguises herself using that very same type of outfit.
  

This of course ties back to the fact Rose herself is based upon Lisa Lisa.

Special Rose turns into this: https://www.vgfacts.com/trivia/11605/

• Karin's Bliss turns her into Reika Ryūzaki, from Sumika Yamamoto's seminal manga Ace o nerae!. In the comic, Reika was the star of the tennis club, renowned for the grace of her game. She came to resent the potential abilities of the protagonist Hiromi Oka (a short-haired brunette), but in the end Reika helped Hiromi and became her friend. This manga was the one who started the whole "rich and elegant princess at the top of her game becomes jealous of the commoner girl's raw talent" plot back in 1973, which was later the basis for Karin and TEKKEN's Lili Rocherfort.
  
  
  
  
  • Yun's Bliss turns him into a worker for 昇龍軒 Shēnglóngxuān (Shōryūken in Japanese reading, because puns), the restaurant Hoimei and Shaomei work in, with a giant shāomài on her head.
    
  
  
  • Urien's Bliss turns him into a girl clad in 水法被 (mizuhappi; a short jacket) and 締め込み褌 (shimekomi fundoshi), which is the typical outfit worn during the Hakata Gion yamakasa matsuri.
    
  
  
  
  
  Women cannot participate in the race, but little girls are allowed.
  
  • Alex's special Bliss turns him into Patricia, Alex adoptive sister.
    
  
  
  • Chun Li's normal Bliss makes her wear her alpha costume, while her Special Bliss turns her into her Pocket Fighter sprite.
    
  
  
  
  
  • Ingrid Bliss turns her into a Sweet Lolita version of herself, which was later featured as a win pose in Alpha 3.
    
  
  
  Footage of the win pose (start watching at 2:23):
  https://www.youtube.com/watch?v=VVbLJ1ESzF4
  
  And that's all regarding SF characters as fat I'm corcerned. I'm aware I missed about three transformations, but that's because those are mere genderswaps with nothing special.
  

  ---

  https://www.eventhubs.com/news/2017/aug/...evolution/ (further reading)
  
  A video featuring all these transformations: https://www.youtube.com/watch?v=dAlSdsBDnJ8