My mistake, sorry all. I misunderstood the video. Thank you for the correction.
OP, you mention updated graphics but I think these are the unaltered arcade games. They are updated compared to NES versions, but it looks like they are as they were originally released in the arcades.
Original OP (edited):
VS Mario Bros. first up, September 27.
VS Balloon Fight
VS Ice Climbers
VS Clu Clu Land
VS Punch-Out!! was teased also.
are all to come, with MP functionality. It wasn't clear to me if online functionality is included. Didn't seem like it though.
Hamster was shown as the dev.
Each seem to be an individual release. No word on pricing yet.
This seems like a new take on VC.
Will update with very brief footage.