Rainbow Islands (Extra version) in arcades was the original RI remixed with new enemy sprites. I believe the songs associated with each island is new too. The new enemies are from other Taito franchises such as Darius and Kiki Kai to name a few. Rainbow Islands Extra on Mega Drive is by default a conversion of the Extra version from arcade and in the options it has the choice for the original/normal game. It's a pretty good game to pick up (pardon the dull colours compared to the original) and from what I hear the FM Towns Marty version was even better overall.
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