London seems to be a popular fighting destination for Street Fighters and Kings of Fighters alike, as the locale has popped up in a variety of games, the most well-known of which is Dudley's London home in SFIII: Third Strike. (In fact, he appears in the background off to the right.) The fights in this stage take place in the middle of a "busy" street; that is, a bus seems to pass by every 15 seconds, and there are only two parked cars, one on the right, and one in the distance in the left.
The red double-decker bus that rolls through the stage's background every so often actually serves a secret second purpose. The second time it comes by, the background changes from the tables and umbrellas seen above, to the giant arch seen below. This happens while the fight is still going on in most cases, so you'll almost never notice it happening, as the bus always shields the entire backdrop from view while the change is taking place.
You will only see London during the day in the first round, as starting with the second round onward, the sun sets and the city's night backdrop is exposed. The only other change besides the scenery in London's third background are the different characters in the background.
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From Left to Right:
Elena - Street Fighter III
Carman Cole - Art of Fighting 3
Billy and Lilly Kane - Fatal Fury
Dudley (with his Butler) - Street Fighter III
Also in Night Stage:
Mei-Ling - Red Earth
Rose - Street Fighter Alpha 2