This is an excellent arcade collection that sadly gets reduced in audiance due to the Mortal Kombat titles.
As far as graphics are concerned, they're arcade-perfect. The sprites in the various games range from normal 2D-styled ones, such as in Timber, A.P.B. and Wacko, while others use digitized sprites, such as Pit-Fighter, Primal Rage and the two Mortal Kombat titles, while one uses 3D character models in a 2D plane, in this case, Rampage: World Tour. Also, to replicate the actual spaceship and background for Kosmic Kroozer, Midway programmed a 3D model right into the otherwise-2D graphics style.
Soundwise, it actually depends on the game you're playing. Some games on the collection use standard 16-bit audio to keep the player holding on, while most of the other titles, such as Primal Rage, Rapage: World Tour and the two Mortal Kombat titles, used advanced 32 sounds and music. Also, the voice samples in the games are completely accurate.
Regarding controls, it's a mixed bag. Some games, like Mortal Kombat 2&3, NARC and Wizard of Wor, are the same as their arcade machine counterparts. Others, such as Total Carnage, Kosmic Kroozer and the racing titles, use the right analog stick of the PS2 controller to replicate the arcade experience, by allowing either an 8-way shooting scheme or to hit the gas pedal. One glaring flaw with the controls, however, comes in the form of Primal Rage. Due to how the special moves in that game are executed, you have no choice but to remap a couple buttons to the L1 and R1 buttons.
Gameplaywise, they're fun, but restrictive, due to it's ESRB rating. Just about all of the games on this collection are extremely addicting. Unfortunately, the lion's share of the games on this collection are suited for the entire family. Because of the inclusion of Mortal Komabt 2 and Mortal Kombat 3, which is why the collection has it's M-rating, the potential audiance for this collection is completely reduced to just adults. While both Mortal Kombat games are fun, they're better off in an arcade collection that has nothing but gory games.
Overall, this is a good collection to get for your PS2. Just remember to watch your kids while they play it, so you can ensure they don't accidentally boot up Mortal Kombat 2.