In the liner notes for Bionic Commando Rearmed: The Soundtrack, composer Simon Viklund shares his notion of arranging NES music:

"In my opinion, the musical style of Bionic Commando -- or any other game on the NES -- can be interpreted in two basic ways: Either you hear it as music played by the NES sound chip (which of course, it is), or you hear it as music played by the instruments that the NES sound chip is trying to imitate."

He goes on to explain that this notion is followed through in the soundtrack to Capcom's brand new 3D version of Spider-Man Bionic Commando due out sometime in the coming year. What you're listening to now is Viklund's own re-imagining of the original Bionic Commando soundtrack, composed for the 2D/3D bloom-fest Bionic Commando Rearmed. It's very Western-sounding, with Commodore 64 SID flourishes permeating through most of the tracks, and an ambiguous techno/club style filling in the gaps. The original NES sounds come through in the background of some of these tracks and, for a moment, almost convinces you that Capcom themselves would have gone down this path had they composed it.