Mine came today too. It plays pretty solidly, and is most similar to the Gameboy version of the game in terms of gameplay, minus the scrolling, since we're not on a GB, and don't need to scroll.
The chip sound effects are good, too! I did find the percussion in the music a bit distracting at times (I would start tapping and thumping along to it, and wouldn't concentrate on the game as much), but the music is very nice stuff.
The Atari 2600 graphics mode is a nice touch, also.
My main gripe is that the Gameboy mode isn't spinach green like a real gameboy. This is more like the Gameboy Pocket palette (gray).
Overall, it's definitely worth checking out. If you've NEVER played Lock n' Chase before, this version is quite honestly your best bet to experience the game for the first time. It looks and sounds better than the Coleco, Intellivision, or Atari 2600 versions, and has passwords and features and stuff.
Plus, you don't have to deal with:
1) A painful Atari 2600 joystick
2) An idiotic Intellivision controller
3) An idiotic Colecovision controller
oh, and there's multiplayer. For those of you who have friends. I will probably never experience the multiplayer.