The Good: A lot of great Capcom classics, games fit nicely on screen, near perfect emulation, lots of extras, local multiplayer is a blast
The Bad: Too many duplicates of the same game, a few too many duds, no infrastructure play
These classic compilations from publishers are hit and miss. They can either be amazing (Midway Arcade Treasure 2) or complete crap. Reloaded falls kind of in between. Here we have some great Capcom games like Street Fighter II, 1943, Ghost & Goblins, and Knights of the Round. On the other hand we have multiple versions of one game which is completely unnecessary where other games could have been. Do we need two version of 1943? Three version of SF2? 3 versions of Ghost & Goblins? No we don't. Instead just give us the superior versions.
Ghost & Goblins includes the original NES version, arcade, and then the superior Super Ghosts & Goblins for SNES. Just give us the SNES version! I don't care about the other 2. For Street Fighter II we get the original arcade version, Champion, and Hyper Fighting. Just give me Hyper Fighting! I honestly don't know what Capcom was thinking. If it's not multiple versions it's duds. SonSon isn't all that great and I didn't care much for Vulgus. There are better Capcom classics that could have taken their place.
Thankfully there are other features inside the game that are nice such as save states like in emulators and your scores are tracked. You can also use these score "coins" in the slot machine to unlock extras such as cheats, art, and other things. Local multiplayer is a nice addition for games like Street Fighter and Knights of the Round. Infrastructure would have been much nicer, but given the poor software sales it would have cost too much money to keep servers going.
The games themsevles are nicely emulated with no slow down. The screen is nicely fit to the PSP's widescreen without looking stretched out and grainy so I give it credit for that. You have to take each game with a grain of salt because some of these are over 20 years old. Don't come in expecting innovative new ideas and amazing graphics. These games are fun to play as a weekend rental but only people who grew up with them will truly appreciate these games. I just wish there weren't so many duplicates and so many duds.