Shishioh really isn't that good. Top/God tier is Mr. Big and Kim. And the gameplay is simple in the sense that it compares more to Super Turbo than modern games.
Unless you're talking KOF XI,
what's considered Top Tier in NIO is Hotaru and Kim. The next few contenders are Tung Fu Rue, Mr. Karate, and Mr. Big. I personally play Shiki and Hotaru.
~Chun
I was talking about Battle Coliseum. NGBC Top Tier is Kim/Big and maybe Hotaru if you can do the trap. Trust me on this. I hang out with the top 3 NGBC players in the country. Tung is just gimmicks galore, too. As soon as you can block dive kick muscle man or beat it (Big Spin) then he's got nothing.
Big is top tier for several reasons. 2a beats most of everything. Spin beats every jumpin in the game if you do it early enough, even Mudman's divekicks. And you can hitconfirm all of his shit easily for high damage.
EDIT: Here is the official tier list.
S Class
Mr Big, Kim, Hotaru
A Class
Marco, Iori, Robert, Haohmaru, Mizuchi, Hanzo, Kyo.
B
Tung, Mai, Lee, Kaede, Moriya, Neo Dio, Washizuka, Mudman, Cyber Woo.
C
Shiki, Athena, K', Mr. Karate, Fuma, Kisarah, Shishioh, Terry, Shermie.
D
Akari, Rock, Geese, Asura, Mars People (and Rising), Chonrei, Ai (And Rising), Genjyuro.
E
Yuki, Chonshu, Nakoruru
Karate should probably be higher though since he's hard as hell to punish.