Yeah, I believe their reasoning behind not sending it over to the US was the anticipated negative outcry regarding the content. I don't think we're missing anything. Team Ninja needs to focus on the what makes the DOA game great: the fluency of the action, the diversity in the move sets and the graphical fidelity of both the characters and the settings.
Definitely DOA Ultimate for me, although I couldn't really pin down why exactly, given that it's been a while. I've played quite a lot of 2, 3 and 4 and in most cases would be drawn to whatever version was on the Dreamcast simply due to nostalgia, but Ultimate objectively improved on 2 in almost every aspect.