After countless delays and the original publisher going bankrupt, it looks like Raiden Fighters Aces might actually come out in Europe. DTP entertainment, a German company, have acquired the rights and confirmed that they're putting it out: https://twitter.com/#!/mgns/status/163181816273051648 

I'm half expecting DTP to announce that they won't be able to put out the game after all any day now, but if all goes well I'll certainly buy it.

Amazon.de is listing the release for preorder. Hopefully this thing is real!

Any update on this one?

I would almost build a cabinet and flash on the Fighters 2 ROM to play this game in my home. It'd be a great project for a mate and I.

DTP dropped it almost a year ago, it's not even on their site anymore. This compilation is never coming out in PAL regions.

Bummer. This seemed like the version to get. Even better than via emulator. Apparently these games are not available through MAME, which wasnt the case for a long time, so a minor win.

If you are desperate to get it just make a japanese xbox live account, add a points card to it and buy the game that way, worked for me with Dracula X.