The Xbox Live conversion is a solid one. Thanks to Microsoft removing the 50-meg size cap on Live Arcade games, even the stupendous soundtrack and gawd-awful voice acting remain mostly intact. The once crisp 2D graphics don't hold up well in high definition, but then again, they weren’t the best quality when the game was first released.
Everything animates beautifully (especially Alucard, flowing hair and all), and the effects still look pretty decent a decade later. The "enhanced" graphics the publisher was touting at one point consist simply of a filter that reduces the sharp edges on pixels. It's tantamount to smearing Vaseline all over your screen. It actually doesn’t look all that great, since you lose a lot of detail on some of the smaller creatures and items.