I would say SMB3 could pass for an early (pre Sonic 1) Genesis game when they were still learning the hardware. Anyway, Alianger, that’s quite a list and I’d agree with much of it, though I’d still say there was nothing that came out stateside that could beat Kirbys Adventure technically. As far as the USA market is concerned, I would say 1 to 3 late release (1989-1991) Master System games could outperform SMB3 technically.
That being said, the vast majority of the games you released were Europe and/or Brazil exclusives. In Europe, the Master System peaked in 1993 or something like that, I think they were still developing games until 1996 in Europe and 1998 in Brazil. In addition, the Master System had good third party support in those areas. These factors meant they milked every last bit of horsepower out of the system, also they wanted to make the games a viable option against the 16 bit systems which were readily available during the Master System’s peak years in those territories.