What?!!? No New Zealand Story??? Or Mizubaku Daibouken?? (Not that I love them, but usually someone who (ahem., stereotypically) puts Rainbow Islands on a "best of" list usually puts the others on there as well. Along with Chase H.Q.)
Round these 'ere parts, we folks don't cry; we bring out the pitchforks and oil up the torches.
Anyway, Momotaro Katsugeki can get lost from that list, and be replaced with the above or even other great games (Makyo Densetsu, one of the Dariuses, Salamander, L-Dis...). MK is fun, but really is an introductory platformer along the same lines as Doraemon Dorabian.