The Amiga version is class, I think many people have it spot on. These kind of things are always subjective anyway.
Thread really needs a vid - so here is the Arcade version:
[ Show youtube player ]
The Amiga in general had aweful arcade ports, but Silkworm I feel was better on the Amiga.
It has more screen space, plays better (especially in two player) and the BOOOOMING sound effects. Also seemed a little more frantic and had fast paced "seat of the pants" playability.
The Arcade feels like some chunky generic midi sounding VGA PC game in comparison, even though it was better in certain areas it felt overall worse to me.
Perhaps it's because I played the Amiga version SOOO much with friends in multiplayer, that the Arcade just didn't feel right.