This news is doing the rounds at the mo - confirmed for PSP & PS2, & apparently been rated by the ESRB for the Wii in the US (although that doesn't mean a lot)
Video trailer here - http://www.gametrailers.com/game/6089.html
SNK PLAYMORE Announces SNK ARCADE CLASSICS: VOLUME 1
Collection to Include 16 Classic SNK Games
Wall, NJ - Jan. 18, 2008 - SNK PLAYMORE USA CORPORATION, the U.S. publishing arm of the SNK PLAYMORE CORPORATION, today announced SNK ARCADE CLASSICS: VOLUME 1 for the PlayStation®2 computer entertainment system and the PSP(r) (PlayStation® Portable) system.
SNK ARCADE CLASSICS: VOLUME 1 will include the following SNK games:
ART OF FIGHTING - The first game in SNK's second fighting-game franchise, set in the same universe as FATAL FURY.
BASEBALL STARS 2 - The sequel to SNK's popular baseball arcade game.
BURNING FIGHT - New York detectives battle organized crime in this fighter.
FATAL FURY - First released in 1991, FATAL FURY introduced the two-plane fighting system.
KING OF FIGHTERS '94 - The first game in the popular KING OF FIGHTERS series.
KING OF THE MONSTERS - In KING OF THE MONSTERS, giant monsters fight for power in epic battles.
LAST RESORT - A challenging futuristic shooter.
MAGICIAN LORD - Players help the wizard Elta save his homeworld in this platformer.
METAL SLUG - Known for its humor and fast- moving gameplay, this run-and-gun side-scroller was the first in the popular series.
NEO TURF MASTERS - A golf game which debuted on the Neo Geo Pocket Color in 1999.
SAMURAI SHODOWN - Set in the 18th century, SAMURAI SHODOWN features bladed-weapon combat and an international cast of characters.
SENGOKU - In SENGOKU, players face off against undead feudal Japanese armies.
SHOCK TROOPERS - In this run-and-gun adventure, players save a scientist and his granddaughter from the Bloody Scorpions.
SUPER SIDEKICKS 3 - A soccer game featuring teams from all over the world.
TOP HUNTER - Bounty hunters protect colonists from space pirates in this futuristic action game.
WORLD HEROES - This classic fighter pits players against historical figures in a tournament enabled by time travel.
"With 16 of our most beloved games, SNK ARCADE CLASSICS: VOLUME 1 is a must-have addition to any arcade fan's collection," said Ben Herman, president of SNK PLAYMORE USA CORPORATION. "It's the most comprehensive SNK compilation to date."
SNK ARCADE CLASSICS: VOLUME 1 will be available for PlayStation2 system and the PSP(r) (PlayStation(r) Portable) in the first half of 2008.
I've highlighted Shock Troopers as it's one on my 'always meant to play' list. Good looking compilation though - hopefully the emulation will be sound 
Shock Troopers is good fun, not as good as Smash TV (but then, what is?), better than Total Carnage, from what I can remember
What I'd like to see is a complete Ikari Warriors collection in there, I have very fond memories of Victory Road, as well as bitter memories of Ocean cancelling the C64 port, I'd love to play that again...
Or how many times can we sell Metal Slug?
That's a reasonable compilation there, plenty of NEO games that I don't have.
I've played Shock Troopers on MVS and it's a really neat run and gun game, with an emphasis on Melee kills.
I'd prefer to see some pre-Neo Geo curios, personally. Shock Troopers is cool though.