I have never seen this game in the arcades, the first time I played it was actually on the Sega Master System and I loved it. I must have spent ages playing it round my friends house, was my favourite game on the system at the time.
I later played the PCE version and own the Mega Drive game, Super Fantasy Zone, which is excellent. The game is basically Defender with cute graphics, no bad thing at all!
I have to say though, from watching that video, that the MSX version is awful! Not only only does it look horrible with bad colour choices and bland flickering sprites, but the scrolling is just horrendous!