Virtual On is great. Its return, a blessing. But also a curse! See, part of what made Virtual On so great in the arcades was the game's twin-stick controller. Which the Xbox 360 doesn't have.
Even the Dreamcast version had a nice twin-stick peripheral for home use, but on 360, you're stuck using the control pad. Which might make things difficult. Oh, unless you're this guy (or somebody who follows his lead).