I picked this up the other day as it's pretty cheap brand new, and I recently bought a black Wii here in Japan (mainly for the new Kirby and the awesome Dragon Quest Collection). I'm pretty surprised by how good the package is, especially for the price. Illvelo seems to be exactly the same as the standalone Wii retail release of Illvelo (all modes are identical, you get Arcade, Easy, Hard, and Special) so there's no point to buy it if you have this. Radirgy Noa is missing the Illvelo Still arrange mode, which sort of sucks. Chaos Field, Radirgy, and Karous seem the same as on the first collection, but apparently some bugs were fixed.
You can easily switch from tate to yoko on the main menu.
I was surprised to discover that I prefer playing the Wii version of Radirgy Noa, as it actually has most of the slowdown from the Arcade original! The X360 version totally lacks any slowdown, which makes it run way too fast. I do like the X360 port for the extra modes though.