Games include;

Sonic the Hedgehog (JP and US versions)
Sonic the Hedgehog 2
Sonic the Hedgehog 3
Sonic & Knuckles
Sonic 3D Blast
Sonic the Hedgehog Spinball
Dr. Robotnik's Mean Bean Machine

Unlockable Games:

Blue Sphere
Knuckles the Echidna in Sonic the Hedgehog 2
Sonic 3 & Knuckles
Flicky
Ristar

Unlockable Games only in the Japanese version:

The Ooze
Comix Zone

Also, this version is riddled with bonus art, comics, and movies