I have a problem with almost every port of Raiden. They're fun, but I played enough arcade Raiden that I just couldn't stand the downgrade of any of the home ports. The only home version of Raiden I like is the PS1 Raiden Project.
So while it's a good game, it's not as good as many other TG-16 shooters. Home consoles just weren't meant to play Raiden in full glory, and that's a game that needed the full glory to be good. When you distill it down to something weaker for home consoles it just loses the magic.