Most of Sega's stuff for the SMS was total crap. That said, we'll get Phantasy Star, Alex Kidd in Miracle World, the Wonder Boy that isn't Adventure Island, and...well, I can't think of much else that was very good that is likely to show up on the VC (Sega did publish some good stuff like Double Dragon and Choplifter for the SMS but surely they don't own rights to those anymore). I'm sure we'll also get the crappy SMS version of Space Harrier (as opposed to the awesome 32X version which makes me wish they would add 32X support to the VC, as limited as the game selection would be).
Oh, well I just clicked the link and the first two games will be Fantasy Zone and Fist of the North Star, or as it was known in America, Black Belt. Not off to a good start, are we?
It also says they'll have Game Gear games. Too bad there were no good Game Gear games OH SHIT DOGGY THAT WAS A DIS.