Our resident internet expert Flying Wonkey has translated a Japanese tier list by 2ch, check it out below. I think I agree with this tier list more than any other I've seen. Makes me want to put one together myself.
Devil Jin, Kazuya, Heihachi
Lars, Leo, Nina, Bruce, Feng, Bob
Dragunov, Armor King, Jinpachi, Steve, Hwoarang, Miguel, Lei, Forest Law, Slim Bob, Kunimitsu (↓ )
Jaycee, Bryan, Lee, Paul, JACK-６, Michelle, Marshall Law, Violet
Ganryu, Marduk, Anna, Jin, Ling Xioayu, Miharu, Angel, P. JACK
Eddy, Ogre, King, Christie, Zafina, Jun, Lili, Raven, Yoshimitsu, Wang, Asuka, Tiger Jackson, Ancient Ogre, Sebastian, Unknown
Roger Jr, Alex, Kuma, Panda, Baek, Alisa, Dr. Bosconovitch"