I bought it. It is $29. No sound tests for arcade games.

Anyway, here are my thoughts:
The game defaults to 4:3 and with the filter off, so that is good. You can turn it on and off at will and stretch the screen to 16:9 at any time. You can also adjust the size of the screen minutely in 4:3 mode if need be. Each game has their own customized border (even the arcade games, though not actual cabinet art) and that is kind of cool. The emulation for the most part is pretty good, better than Digital Eclipse usually does (which is not surprising since they did not handle this). However the sound emulation is not completely perfect. The voices sound scratchier than a real Genesis, maybe a bit more like a bad Genesis 2 or 3. The music sounds fine from what I can tell. However some of the louder sounds clip and become pretty much pure static, like when you approach the boss in Altered Beast (arcade version) and he blows up just before he begins fighting. Instead of the explosion sound, you get bursts of static. This is pretty rare, though. Also I noticed that in SHinobi there is an instrument missing in the CONTINUE screen countdown music. The rest of the game looks and sounds fine.
Now let's talk about Space Harrier. This is an unlockable arcade game, but you won't want to play it here. First of all, ALL of the sound and music is at a higher pitch than normal. "Welcome to the Fantasy Zone " and other vocal samples sounds more like a pre-teen than a man. Also the control is just like the arcade meaning that when you let go of a dirrection you snap back into the middle. Unless you are playing on the Saturn with the Mission Stick or the actual arcade, this just won't do and makes it very difficult to control.
Otherwise it is a good collection. I still need to beat Dr Robotnik's Mean Bean Machine to get the last trophy and that game is hard as hell! Also, in order to unlock Phantasy Star 1, you need to beat the first boss in Sonic 2 with two players. WTF? So you MUST have a second controller.