I love both versions of Panic bomber!! The Super CD version has amazing audio and a great overworld map and entertaining characters and animations. The VB version is cool too. It retains most of the gameplay that the PCE version has, along with neat scaling and grafx. I also really dig the stereo sound on the VB, which I swear is just a suped up SuperGrafx sound chip!!
Also, to note- I'd say both are far superior to the PSP one I've been playing lately. Lack of storyline mode and some characters has me wanting more. Still, ok... but not as good as the previously mentioned ones.