Considering the track record of NEC Avenue, who got loads of licenses and having a number of them delayed for a long time (Strider, Monster Maker I, Madou Monogatari 1), some of which eventually canceled (Might & Magic II, Monster Maker II, Madou Monogatari 2 & 3, Space Fantasy Zone) it's a miracle this game eventually got released (it was featured in the "in development" section of game magazines alongside Strider, Madou Monogatari 1 and Space Fantasy Zone for a long, long time).
At least it still looks good compared to the arcade original and not that bad in gameplay, and most people found it a better effort than Strider, and it's not even an Arcade Card game (I think if they made a last minute decision to change it to using the Arcade Card, just like Strider, it may at least be possible to have all of each stage's assets loaded in one go and have CDDA BGM played throughout, without the need in streaming data, which was proven not very effective in the old, old Altered Beast), though that might make the game less accessible and could meet with much lower sales as few people would dare to buy the Arcade Card because of this game (but they did this with Strider, which I think people would not buy the upgrade for that particular game either).