Know Your Mobile recently announced an iPhone version of Ultimate Mortal Kombat 3 featuring the classic 2D gameplay but with all new 3D visuals.
Know Your Mobile confirms that while the visuals are remade in 3D, the classic gameplay from Ultimate Mortal Kombat 3 remains along with classic characters like Scorpion and Sub-Zero as well as the much loved finishing moves that are a staple of the series.

The controls are reminiscent of the iPhone version of Street Fighter IV with on-screen buttons and simplified controls. There are two dedicated "special move" buttons, for instance, as opposed to the traditional combination of directions and attack buttons for character specials.
As of now, however, the iPhone remake features only 13 characters, two of which are unplayable bosses. But on the bright side there are a number of game modes to choose from. Other than the standard Arcade Mode, there is a Survival Mode and, perhaps the most interesting, a mode called Shao Karnage which allows the player to control the tyrant Shao Kahn. There is of course a Versus Mode but unfortunately it is limited to local Wi-Fi and Bluetooth rather than a full featured online mode.
Check out some footage of the game in action: