The plot thickens!
The PS1 version has two modes: Arcade and Playstation. Enabling Playstation mode gives you a new title screen, redrawn character portraits, and redrawn ending cutscenes.
The Saturn version also has two modes: Arcade and Saturn. Enabling Saturn mode doesn't give you any new graphics.
BUT
The Saturn version has two ADDITIONAL modes -- Arcade Boss and Saturn Boss. These are boss rush modes that don't seem to be present at all in the PS1 version.
The Saturn version also adds narration to mission title screens. The PS1 version has silent mission titles, regardless of whether you've turned on voices or not.
Some other notes pertaining to both versions:
- The lock-on button is available in all modes
- Arranged OSTs can be turned on and off for any mode (you can play arcade mode with arranged BGM for example)
- Voices can be turned on and off for any mode (you can play arcade mode with voices for example)
- Now that I've played both versions a lot, I still can't find the slowdown people were talking about.
- The tank treads in the desert stage don't animate on either version.
Voices are kinda wonky on Saturn. Sometimes the game wants to load the next voice clip before the text for the last clip is even finished displaying. No idea why this happens -- not sure if it's my Saturn being weird or not...