my friends and i used to go arcade hunting almost every other week on for the tekken/streetfighter/initalD/bemani circuit. makes good tournament practice.
golf land (any) are the best in the bay, preferably sunnyvale golf land, they have probably every game you would want to play and there's decent space. thebiggest is milpitas but they have an outdated selection. emerald hills isn't to far from svgl but they have a water slide. castro vally golf land is rightnext to bayfair mall, but the arcade is kinda small. all of then offer unlimited play on wednesday 6-11, closes at midnight on weekends.
scandia is up north a bit, but i havent been there yet.
there's an arcade at southland mall, pretty big too.
id say that the most decent and closest is the sfstate arcade. i would go there posing as a student with my backpack and play for a couple hours. only problemis parking.
arcades to go to:
svgl- Tekken5dr, all SF, GuiltyGear XX, initialD ver5, DDR Supernova, GuitarFreaks/Drummania V4, poppin' music. IIDX gold i think
mpgl- Tekken5dr, all SF, Virtuafighter 5, initialD ver3, Supernova, pumpitup, precussionfreaks, keabordmania, old beatmania, paraparaparadise, cheap redemptiongames
SFSTATE- Tekken5dr, MVC2, CVS2, KOF99, GF/DM v4
Pier39- kinda expensive but they have bemani games
malibu, classic bowl, metreon, fudruckers, century 20 in dalycity are all outdated. century 10 however isnt too bad.
hope this helps...