Never put time into SSF4, played it a bit and then stopped... why are so many quiting? Bored or something else?
It's a very simple game (which is a huge part of its popularity, anyone can pick it up and fully understand everything in hours), and one that is dominated by defensive strategies such as zoning and turtling. If a player picks a character, it's very predictable how they will play that character compared to other fighters, making the game very dry.
Most decent players seem to be looking for something deeper, with a much wider variety of play styles (MvC3 has rush down, gimmick, counter, zoning, chip, trap, spam teams etc.).
A lot of us seemed to have played SSF4 just because it is so popular. Hopefully MvC3 will be just as popular, although I think a lot of people won't be able to handle it and will run back to SF4's simple system.
Edit: Arcade Edition of SSFIV does seem to remedy a lot of issues, adding 2 top tier rushdown characters, crippling the overpowered turtles like Rog and Guile, and nerfing fireball characters across the board (buffed anti fireball moves, added counter hit properties when you hit characters in their cooldown from fireballs). A lot of the dryness has been removed too such as making Bisons scissors have more pushback, removing Cammy's tkcs, and adding frames to Dhalsims blk to reduce spam of safe moves.