I've encountered the graphical glitches in 1.5, but they only occur in 360 mode. Never saw them in 1.01's 360 mode, though.
As for BL, I suspect what people are complaining about is the split second freeze that occurs in the PCB version when many bullets are cancelled. As I acclimated to this after many hours on the original PCB, when I played the port, it felt spot on, rather than a "glitch". In other words, I've never experienced a quick in-game freeze in the X360 BL port that did not occur in the original PCB. I think this is why Cave ignored complaints about this problem. It is, however, still inexcusable for them to not patch the graphical glitches in ver 1.5's 360 mode.