Given that the general rule seems to be that toy development takes 2ish years, I assume these have been in development since last year before Storm Arena was announced. While Jada wouldn't have known what Storm was planning, Capcom as the licensor would have, and I think it may have been a bit irresponsible on their part to let two licensees make such similar products based on the exact same game. I think they should have handled things more like Turtles where NECA and Super7 sort of have a gentleman's agreement not to step on each other's toes. For my money, Storm's Alpha Ryu looks better and is releasing first, so I have little interest in Jada's. I'll have to wait and see what else they have planned for Alpha 3 before I decide if I go in on any of these.
Personally, I think that Jada should have switched to broad Street Fighter line instead of focusing on individual rosters after 2. However, if they were going to do an individual roster, I think they should have done Third Strike instead. That would have given them the opportunity to do 2.0s of a few early A-listers (Ryu, Ken, and Chun-Li), while giving them an otherwise unique roster of new characters to make with the added benefit of not stepping on Storm's toes