awesome, another Ghouls & Ghosts thread
yes, it is worth it to track down Capcom Generation 2, for SATURN.
Ghouls ' N Ghosts, the 2nd game in the series and the 2nd game on the disc, is not totally 100% identical to the 1988 CPS1 arcade: there are some fairly minor (but noticable) differences. overall it is the arcade version, just with a few flaws. it is not emulation, it is a port.
differences in Saturn GnG on CapGen2: there are no arcade CPS1 setup configuration screens. the ending music is slightly changed. the resolution is 'fat' resulting in the edges of the screen being cut off on both sides. there is some slow-down when playing (i.e during the rainstorm with tornados in the 2nd half of level 1),
the color leans toward the reddish hue compared to the arcade. there is a couple of frames of animation cut from when you power-up with the golden magic armor. there are of course load times. other than that, its a huge leap beyond the Sega Genesis or NEC SuperGrafx versions, basicly mirroring the arcade.
Saturn version is the better version overall. the distant parallax scrolling backgrounds in GnG are very visible, unlike in the PS1 version.