Gave it a quick go just now. It plays but it doesn't display the Japanese text properly - just the garbled ASCII characters. I guess it's that issue with the missing fonts or whatever from non JP consoles.
It still kind of plays like the old Pocky and Rocky. It is on the rails still but you have some freedom in moving the character around the levels unlike those old 2D SNES games with really fixed scrolling. I dunno if its just the new look or the music but it feels different although you're doing the same thing.. shooting stuff at ghosty spirit enemies.