VC Arcade's been a real "nothing" in the US since it was announced, though supposedly it's quite a different story in Japan with Namco-Bandai all over it. Probably the major problem with it is that all these old Arcade games we have fond memories of were licensed games, and those licenses have scattered to various holders now. It's probably not worth what they could make on the VC to satisfy all those old license holders and reclaim the old assets. The only exception we've seen thus far to that was the NES TMNT, and that must not have sold well since we never saw any other Turtles game. I really do want to see the SNES Turtles in Time with the original music and voices, though...especially after playing that horrendous 2.5D "remake" on the HD consoles.
That's the big issue with the VC now: most of the remaining "big titles" we all remember fondly were either released by Rare, Squaresoft, Enix, or were licensed games...or they were released on the N64, which apparently everyone has decided to act like it never existed. While we have hope for Square-Enix to eventually step in and release some of those missing titles, Rare is completely out of the question aside from Donkey Kong 64 and (as I mentioned) licensed games have legal issues.