I never thought I'd like him better than Our Heroes, but Sagat really has an interesting arc in SFIV. He's a fascinating character when he doesn't have that obsession with Ryu; wise and knowledgeable, with more seasoning and experience under his belt, but no less powerful because of it. I don't even think he's with Shadaloo anymore? the game's unclear on that.
And yes, he's still broken as hell and fun to play. ^_^
I also like Yang quite a bit, though most of this could be Johnny Yong Bosch.