Come on guys... It's not that hard to hack a keyboard and you can still get about 20 - 24 unghosted keys with most keyboards (8x18 matrix).
If you got that many then you are insanely lucky. Many modern keyboards have firmware to prevent more than 6 keys from being pressed at any given time. This is probably ok for a single player though.
Alright, this is getting a little misleading. You get 18 unghosted keys with a 18x8 matrix. However, the magic number is 16 since the opposite directionals can be allowed to "ghost" since they will never be pressed at the same time. Thus:
Street Fighter - 12 buttons, P1 Up, P1 Left, P2Up, P2 Left = 16 inputs, and then "Ghosted" inputs for P1 Down, P1 Right, P2 Down, P2 Right.
TMNT - 8 buttons, 1Up, 1Left, 2Up, 2Left, 3Up, 3Left, 4Up, 4Left = 16 inputs and "Ghosted" inputs for Down and Right.
USB Keyboards are limited to 6 inputs by the USB spec. PS/2 keyboards often employ "blocking" which prevents 3 simultaneous keypresses from registering, but usually do not limit overall number of inputs if they are not in the part of the matrix where they will form a square.
If you're just planning on 2 player with 6 buttons, then you shouldn't have many (if any) problems.
I think that is being a bit optimistic. Much of one's success or failure depends greatly on the keyboard being hacked. You might find that after all the work you put in, it won't do what you thought it would. Some individuals have hacked 3 or more to find one that worked well and there are even databases that keep track of the "best" keyboards for hacking.
I disagree, most keyboards will use a 16x8 or 17 by 7 (or 8 ) or 18 by 6-8 matrix, any of which will produce the results above. Only a very few will use a 15x9 or 14x10 or 13x11 matrix, which will not produce acceptable results.
I have a hard time recommending a keyboard hack to anyone who isn't chronically unemployed and to the point where every penny counts, or extremely bored and looking for a personal conquest. It's a lot of work, it's easy for a novice to ruin parts (like keyboard fuses on motherboards), and the end result is usually pretty sub-standard. The keyboard I hacked was noticably poorer in performance than a dedicated encoder.
Agreed
For some, the task is trivial, but time consuming. For others, it is impossible and cost them a motherboard to find out. You should probably try to figure out which group you'll end up in before you get too far into it. 
Also agreed. Some further things to consider:
While you should have enough inputs to play Street Fighter, or TMNT, there is NEXT TO NO chance of having P1 use the arrows keys and B1 = L Ctrl, B2 = L Alt, B3 = Space, etc.
This is not a problem in MAME, b/c the keys can be reassigned. However, if you ever use any programs without assignable keys, you might be out of luck.
Also, a keyboard hack will be flimsier than a dedicated encoder, and you will have to re-do all your effort (mapping the matrix, soldering the leads, etc) if you break the hack.