The ESRB leaked the news and some of the games with the following description.
This is a collection of classic arcade games covering several genres. Games include Bad Dudes vs. Dragon Ninja, Burger Time, Caveman Ninja, Street Slam, Secret Agent, and many others. Some games involve side-scrolling fighting action against dozens of enemy thugs, ninjas, and creatures. Characters occasionally use knives, guns, throwing stars, or grenades in the 2D-style combat. A few games depict brief splashes of blood when enemies get hit; one game depicts a shark that emits red blood when it gets harpooned. The suggestive material represents the strongest pertinent content in the game: A puzzle game called Magical Drop III depicts female characters wearing provocative outfits that expose underwear and deep cleavage. When players score points or make successful combos, the background figures cheer or move in ways that cause their breasts to jiggle.
Kind of amusing to see a puzzle game is primarily responsible for Data East Arcade Collection’s T-rating, but whatever. I’m glad to see Data East’s games back on the market, especially Joe & Mac.