Yeah read about it yesterday. Used to play it quite a lot. Snail paced gameplay and the music become endearing after a while.
The comparison shots are good, but it's worth mentioning that the genesis version which I played was also better graphically than the older version being shown here (presumably arcade?). I have some doubts about how well they are going to animate this, but that we will know when we see a video.
Edit:
Video from the blog. Looks good but the limited frames of animation are worrying. It isn't easy to animate non-rendered sprites smoothly though.