The package will hit in Spring 2009 for PS3 and Xbox 360. Development is being handled by Backbone, which is well-steeped in the mystical art of emulating old stuff. So expect quality on-par with the Genesis games that have been coming to Xbox Live Arcade. Only now you won't have to pay five bucks a pop for them.
The full lineup hasn't been revealed, but here's what's confirmed so far:
As far as I'm concerned, this package ain't a package without Streets of Rage 2, Sub-Terrania, Phantasy Star II, Kid Chameleon, Chakan (which was terrible), Toejam & Earl, Thunder Force II, Shadow Dancer, The Revenge of Shinobi, Last Battle (which sucked, just to be clear), Fatal Labyrinth, and some version of E-SWAT.
I'm also all for Altered Beast being in there, but only if it's the arcade version.
Oh, and Michael Jackson's Moonwalker. Duh.
I read this announcement just after waking up this morning and it got the Space Harrier music stuck in my head. So please stop what you're doing, turn up your speakers, and enjoy this choice-and-boss piece of game music.