That's certainly true, but you've got to feel bad for snk. I mean even if we are just going by the sprites they literally just traced over some metal slug sprites and tweaked them a little. I would be suprised if there wasn't a bit of bootleg mslug programming in there as well. I think it's a lot like most Chineese knock-offs, it's actually quite remarkable in terms of quality, but you feel bad for the real ip holders.
Regardless, I'm excited about this. As you said, it's a cool game in it's own right and due to the US rarity I've never played it.
I wonder if anything can be learned in regards to the arm protection of other pgm games from this? You've basically got the thing up and running so I'm assuming you could snoop at what the copy protection stuff is up to as the game is being played.