Unfortunately it's based on the Genesis version of Altered Beast. Space Harrier, Super Hang-On and Galaxy Force II are all the arcade versions thankfully.
I hope the series continues, I'd really like to see arcade games like After Burner, Power Drift, Golden Axe: Revenge of Death Adder, Fantasy Zone 2 DX and Puyo Puyo Tsuu yet. Maybe they'll even get to polygonal stuff like Virtua Racing and Virtua Fighter eventually.