Okay I got the game tonight and stupid MKII oversight aside it seems like a much more solid presentation than the first collection. For example you can actually use the analog stick in the menu this time and the setup is more straight forward. Primal Rage has this irritating slowdown in the attract mode and on the Vs screen. The gameplay isn't affected fortunately though I hear the special moves and fatalities have had their controls changed for some reason. Oh and the amount of time you get to do a fatality in these arcade versions of MK is insanely short compared to the SNES versions which, although likely authentic, is going to take time to get used to.
There is one really big flaw with this collection though and it was nothing to do with the conversion. Most of these games SUCK. A lot of them have either not aged well at all or they just plain always sucked. I would consider MK2&3, Primal Rage, Timber, Total Carnage, Wizard or Wor and Rampage: World Tour to all be pretty decent and worth playing. The rest are not likely going to be played more than once. Some like Cyberball, Xybots, and Hard Drivin' are cool ideas that are held back by hardware limitations at the time. However Spy Hunter II and Pit Fighter were considered crap games when they came out so why bother to include them? Plus they're taking the spots of STUN Runner and Mortal Kombat which I would put in the "good" category. So basically 7/20 of the games are worth owning which is less than half. Comparitively I would rank Treasures 1 as having at least 14/24 being good-to-decent titles. Realistically we could combine the best of both into one collection. Midway Arcade Treasures 2 is still worth $20 for the 7 good titles in my opinion but Midway's got to lay off the filler or Treasures 3 is going to be pretty bleh.