I would like to know if my nostalgia is clouding my judgment here. SMS was my childhood system but I really think some of the arcade ports rival or even better their arcade counterparts.
Wonder Boy In Monster Land - This one is pretty close. I think I like the graphics better on the SMS overall, but I hate that the difficulty is so toned down. I like to play the Mark III version because the difficulty is cranked.
Hang On - Graphics are way better in the arcade but I always found the SMS port more fun to play.
Shinobi - Maybe the best example of an arcade port on SMS. The graphics may not compare but I really think the SMS has better game play. Its def alot different of a game, the arcade is more fast paced shooting, while SMS has a more strategic feel to it.
Space Harrier - Arcade version wins here hands down, but I am still impressed with the SMS port overall.
After Burner - Arcade wins this one too.
Quartet - I like SMS version better, love the music!
Outrun - SMS just cannot do the arcade type scaling, but the SMS is a great port considering hardware.
Anyone care to add?
I didn't include newer titles like Golden Axe and Eswat because I never played them much on SMS.