1. Collecting the right tools for the job
First off, you need a copy of SSF4 in ISO format. I don't want to know how you get it, but I recommend purchasing it and then ripping it to your PC using the 'hot swap' method.
Next, we need a copy of isoextract, which extacts the data from the 360 disc image. You can download it here or here.
We also need QuickBMS, a script-based file extractor written by Luigi Auriemma, as well as a script to use with it. You can get QuickBMS here and the extraction script here or here.
2. Extracting the ISO
Open up isoextract and you should see this screen:
Using the buttons on the upper-right, click on 'choose ISO-folder' and navigate to the directory where your SSF4 ISO is stored. Next, click on 'choose destination' and select a directory where you want your extracted files to reside.
Then, just click the big button marked 'go' down in the bottom right.
Now, once it's all finished, if you navigate to your extraction directory, you'll find it has created a directory structure from the disc. Go to archive > battle and you should see a file named 'battle.eaf.' This guy has all of the goodies, so we gotta get them out using QuickBMS.
3. Extracting the files
Open QuickBMS and it should pop up a console window like this:
It should also automatically pop up an explorer window, which you can use to navigate to the QuickBMS script we got back in Step 1.
Next, it will pop up another explorer window, which we will use to navigate to our battle.eaf file.
Then, it will pop up a final explorer window, which we will use to select our output directory. I just chose that same 'battle' directory.
Now, back in the console window, you should see a whole bunch of output stream by, listing the files that are being extracted.
That's it. You're done. You should have a complete file structure available now, with access to all of the proper files, including character and stage data. Most of this can be opened with the latest version of piecemontee's Asset Explorer, using the new support for big-endian files.