I finally picked this up as I bought a new PS3 a few weeks ago. It's an excellent package, and the new Wide mode looks fantastic. However, the first time I played arcade mode it froze on me when I was in the 4th stage of my run, requiring a hard rest of the PS3. I played the Wide mode a bunch and it hasn't frozen on me there yet, but if you're just interested in Arcade mode the X360 is the way to go as that never froze on me. I downloaded a patch when I started up the game but I guess that didn't fix the freezing problem. I don't know how you can release a shooter that freezes like this, but whatever.
Also, is there a way to play the game like Arcade, just in Wide screen? All the Wide mode stuff I've played so far is just one stage or a couple stages.