Here's an honest and unbiased review:
-Scorpion, Scrub Zero, and Erron Black dominate every matchup. This is fine though. You have to give bad players and casuals an incentive to keep playing, a fighting chance. This is why they were powerful in the last game. But they can still be beaten with skill and patience. I win more than I lose against them. Erron Black may need some looking into though.
-Jax and Sonya have brain dead mixups. They're cheap, but balanced. Most Sonya players will resort to spamming projectiles and turret drops when they're losing up close. Keep that in mind.
-Kotal Khan, Shao Khan, D'Vorah, Kung Lao, Frost, Kitana, and possibly Kollector need buffs. Because I never used these characters, I can't comment on what changes need to happen. But I haven't lost a single set to either of them, even when I first started playing. I lost one time to a literal pro Kollector player. I don't remember who he was, but I got trashed. Still, I haven't seen too many Kollectors. That's probably just because he's a stupid and ugly character.
-Kano needs a good mid starter. In my opinion, F1 should be it. His F43 crushing blow needs to proc more.
-I do think the rest of the cast is balanced, except...
-Geras is overpowered and needs to be fixed. If you use Geras I just assume you're bad at fighting games in general.
With that being said, I wouldn't be angry if fatal blows were removed from ranked sets. You shouldn't be rewarded for playing poorly.