After having no luck at the local Targets and Wal-Marts over the past few days, I went to a Kmart today and found the new Taito system there. They were selling it for just under $21.
The bottom of the box does indeed list the system's developer, as well as their logo: Code Mystics, most recently known at AtariAge for their work on the two recent
Atari Greatest Hits DS releases, as well as the iPad incarnation of that. According to the credits screen (cross-referenced with Jeff Vavasour's website), the staff who worked on the game were also among the crew who used to do Digital Eclipse's emulation collections on consoles/PC years ago, as well as Jakks Pacific's well-received Atari Paddles TV Game plug-n-play.
Upon bringing the Taito system home, I played the games for a bit and also opened it up. If you want a solid indicator of just how new this system is, among the stuff I saw silkscreened onto the PCB were the numbers 201108.
As for the content, if you haven't played any of Jakks Pacific's more recent plug-n-play games, the higher graphical resolution of this new system compared to the old retro models will really make it stand out. The new hardware is also powerful enough that it's running the games via emulation (the bottom of the box notes the use of Code Mystics' emulation technology); this is the first Jakks Pacific TV Game to rely on emulation rather than on porting (and the first non-AtGames plug-n-play system to use an emulator). Granted, I haven't played many of these games on original arcade hardware, so I can't really tell how faithful the emulation is, but they all look and sound good to me. The only thing that seemed screwy was some strangeness in the sound in
The Legend of Kage (e.g., some sound effects seeming to interfere with each other). Well,
Birdie King also seemed difficult to control (I think it was originally a trackball game), though I did manage to get a birdie once.
Speaking of
Birdie King, it and
Puzznic are the two Taito arcade games on this unit which have not previously been released in any of the Japanese or Western Taito collections on PS2 and PSP (I don't know whether there have been other Taito collections). Now,
Puzznic here isn't the version which reveals pictures of undressed women while you play, but that's okay.

It's more disappointing that there really is no 2-player
Bubble Bobble, as the system doesn't do the 2-unit linking that the
Mortal Kombat and WWE TV Games could do. Can't win 'em all.
One final note: high scores are saved when you exit to the main menu. There is also an option to wipe all high scores. And speaking of high scores, the default high score initials in
Puzznic spell out, "Z-Turbo ga hoshii"; this is "I want [a] Z-Turbo" in Japanese.
onmode-ky