Versus shooting game by ADK.
I used to have the Saturn port. It has an extra character and a bonus disc of fan content. I think people prefer the Dreamcast port, and the audio in the Saturn is a bit clippy and low quality. It's easy enough to just emulate the Neo-Geo version, and you can play online multiplayer with Fightcade.
A follow-up was made for the PS2 called Twinkle Star Sprites: La Petite Princesse, but I still haven't tried it. Don't remember anyone raving about it/