I vote Yes, and for many of the reasons stated above, but mainly because they could really have tapped the full potential of the hucard if they did not introduce the cdrom. Yeah, SFII is about as far as they ever got, but even that doesn't remotely scratch the surface of what can be done with the hucard port. And if that isn't enough...the expansion port gives virtually unlimited possibilities to the machine, giving it unparalleled expandability that even consoles of the modern age can't even begin to compete with, and certainly no consoles back then could compare with. Virtually unlimited access to the entire machine from that huge 69 pin port. By crafting the correct controller, you can add all sorts of crazy hardware...new CDROM drives, USB flash drives, hard drives, you name it. It's all possible. So even if the CDROM hadn't been introduced, it could easily have been introduced later anyways, since creating new devices for the machine is, for all intents and purposes, exceptionally easy.
As for the Mickey Mouse comment...actually, Castle Of Illusion is one of my favorite Genesis games.
SMW is my favorite Mario game. These games could easily have been made on the PCE. The hardware is not the deciding factor between SMW and Bonk...the developers are. Yeah, Hudson's developers were good, but Nintendo's developers were phenomenal and their budget was huge. Swap development teams and you'd have seen a respective change in game quality. The Bonk games rock, there's no disputing that.
But SMW is amazing, and the reason for that is because the developers of the game were amongst Nintendo's elite-within-the-elite...their new flagship game wasn't going to be developed by their fresh-out-of-university neophytes. Give me one year and $750,000 and I'll produce a platform game superior to SMW on the PCE.