Looking at some videos, it seems kinda meh. It looks easier than the NES games, and the music sounds terrible. It doesn't seem bad, but a bit underwhelming. At least it looks better than the arcade version
It's a european-only release though, which makes it understandable that it's a bit of an unknown. But, from what I understand, the master system is region free so there's no trouble in buying a copy now.
As for what else you're missing on the Master System... I'm interested to hear that too, since mine barely gets any use (even though I had to repair it since it was broken when I got it).