I think everyone here is missing the point 'cause they're too busy hugging they're god damn PCE and the point made about the arcade rom didn't come across quite right. The port is nice and a lot of fun but the arcade original is the best, there's just no room of doubt on that at less you haven't played it or you're just too weak to play arcade mode on the PCE and are content with the 5 hit PCE mode, either way you're entitled to your opinion and all but the facts are all there plain to see. This is not a debate about emulation vs the real thing, this is about arcade vs console port.
I play both back and forth countless times 'cause I love them both and in a lot of ways they are both extremely close gameplay wise but the music, the atmosphere, the colors and the full weapon display found in the original make it a much better experience for me. I have one of them GP32s and I play PCE, NES, SNES, Genesis and a bunch of other stuff, I play the PCE port on this regularly 'cause the MAME 4 ALL emulator is not up to par to play it quite right, so with that in mind I'm content with the port, but would I like playing the Arcade rom on the damn thing? You bet your ass I do!
Ninja Spirit is one of my favorite games of all time, it's a damn shame there wasn't any sequels or at least games of the sort that expanded upon the formula. Off topic and all, BATMAN "Sunsoft City" plays a lot like it, love the game! Love it!
Now, to spin things a bit further; Arcade doesn't always mean better than console, we know that. Konami plays a good example with games like Contra, Life Force, just like Capcom has its shares of better console ports like Bionic Commando, Strider (JK) and so on. So yeah there are some games that are better in their console environment but as time went on and the consoles became more powerful yet not quite as powerful as the arcade technology of the time, it seemed as though ports suffered, which is probably why most of us got in this god damn forsaken hobby to begin with.
OK, now with said, we should have a little Ninja Spirit run for score, tables for all 3 formats and all that jazz...du it!