Looks like the guys at IGN have had a chance to sit down and play the new Mortal Kombat TV Games Unit from Jakks Pacific. From their review:
Mortal Kombat literally shoves the graphics, sound, gameplay, and violent nature of the original title into a self-contained controller that cleverly mimics the classic Mortal Kombat arcade cabinet. The device utilizes thumb-pad and button layout that's in line with the arcade unit's panel, right down to the button colors and text directions labeling the controls. The side panels lack the cheesy "Johnny Cage" dragon artwork, quite possibly a legal issue Jakks may have wanted to avoid. It still would have been cool to have them on there, if only to liven up the bland red sides just begging for a sticker.

Go here for the rest of the review, along with some screenshots of this cool little handheld version of the original Mortal Kombat! Also be sure to check out the media page, complete with 23 new images and 3 new movies here.

Special thanks to forum/chatroom user DECEPTION for the heads up!