I disagree, if only because you can see the entire stage in the MD/GEN verison, whereas the PCE version has an excessively zoomed-in playing field. It's harder to formulate a strategy if you can't see the entire enemy layout, or can't see when enemies suddenly rush towards you for crossing their line of sight (this is important to the arcade version). Additionally, while it's difficult to properly quantify this, the PCE ver. definitely feels slower and easier, chugging along with an onslaught of arrows or projectiles.
The Genesis port has smaller sprites but everything moves much quicker, the enemies are more aggressive, and the game retains a full screen - and has the badass ultimate mode (or w/e it's called) that gives you all 20 characters at once.
I think the PCE port is an interesting and decent adaptation of the game, but the Genesis version wins out for playability.