According to Toaplan.com, the game was released in the States as Power Wing. I've yet to find a scrap of evidence to support this claim, and I just wanted to check, so I could finally put it to rest.
(It would be nice if there was a US version; wouldn't have to pay an arm and a leg for the Japanese game.)
No, sadly there never was a US release of this game; and yeah, VERY expensive. But worth it, IMO, if you're a big Toaplan fan. I've only played the MD version on an emulator, and the difficulty is much more reasonable then the arcade version, IMO.
There is a C64 version of Alcon/Slap Fight that can be found for cheap. The view is wierd with big enemies and a smaller ship, but the patterns have been re-designed to compenstae. The music in the port is excellent.