GUTS, Ranger X might've done a bunch of tricks, but none of them were things that Turbo or SNES games didn't do. For fun, I'll name PCE games that did any trick Ranger X did (at least the ones I can think of in the top of my head):
Fake mutli-layers of parallax - Shape Shifter did this and did a damn fine job, I'd say did an even better job.
3D maps that looked like shit - Falcon had 3d objects that could be comparable and what do you know, they still looked like shit
.
Palette Swapping - Legendary Axe II is one that comes to mind with the title screen if I recall.
The 3D backgrounds in the level 2 boss room - Street Fighter II' used either the same effect or an awfully similar effect for the floors in each level.
Cramming a bunch of sprites on screen - Terraforming is a good choice that comes to mind. I haven't played the game in awhile, but I recall it having just as many sprites on screen as Ranger X. Hell, I think it even suffered less slowdown and possibly flicker.
Graphical effects aren't the only things that make good graphics, the art style is possibly most important. There are some spots in Ranger X that pretty dirty color wise. In fact the other night I was toying around with a screenshot I took of the first level and see what simple color improvements I could do if it was on PCE. Here's a very small update I did:
(Genesis version left, revised PCE version right)
The main thing I did to the screenshot was add two extra colors to the sand hills, and replace that nasty darker color used in the sand with a more appropriate color. Give me some time and I could use and add better color to other things (like the sky) so it could really be cooking. So not only could the PCE do just as good of a job porting Ranger X to it's hardware, but it could give it some major color updating to really make the game look nice.