I'm old enough to remember when most of these games came out, so I was excited to see how well they ported over to x-box.
This collection has a number of great classics such as street fighter II, 1942, Final Fight, and ghosts and goblins. It also includes variations of those classics which were also released (1943, SFII Hyper edition, and Ghouls and Ghosts). Besides these games - which really can be called classics - the collection includes some other games which were fun, but nothing special - Mercs, Commando, Trojan, and Gunsmoke for example. These were games worth playing, but easily forgetable. This collection also has an option to clean up the graphics and sounds on some of the games, so you can play the original in a slightly tweaked version. Of course, you can play with the original game version if you're a purist. There is also an option to read a brief snippit of history for each game.
For the most part, what you see is what you get. With next gen-counsels coming out soon; these games look more and more obsolete. The only beef I had with the porting was with Street Fighter. The game load times is ridiculously long for a game that's almost 15 years old now. The controls also feel sluggish unresponsive, not at all like the original controls for SFII.
This collection contains "classics" that no one in America remembers. "Son Son", a side-scrolling shooter that came out in the early eighties is just one example. It also contains such throw-aways as Vulgus, Pirate Ship Higaru, and Exed Exes. These games lacked any innovation and were better off forgotten.
For $20 or so, this game is a fun distraction from the otherwise stagnant video game market. The games are fun to pick up and play for a few minutes, but they are all beatable or boring after twenty minutes or so. If you're hankerin' for some old school video games, this is a pretty good package. If you're too young to remember any of these - you probably won't like the collection.