It's incredibly well done. M2 is usually considered the best emulation developer out there. The 3D effect is impressive, they added the spin-dash to the first game, provide an option to emulate the audio on the Genesis's or Genesis 2's sound hardware, and you can choose between Japanese and International versions of the game.
Off topic - I love your title. (Super) Smash TV got a lot of play time in my house when I was younger.