I wouldn't imagine Michale Jackson being in the game causing much trouble.
It's not like all the other ports held up due to licensing issues. It wasn't a "Michale Jackson" game, or a "Duck Tales" game, or a some other brand. It's a SEGA franchise with Michal Jackson appearing in a guest role, that he requested to be in.
I really hope this does get ported to XBLA/PSN.
It's hands down one of, if not my favourite SEGA game of all time. The best example of a sequel outdoing it's original in absolutely every way. If more people get the chance to play SC5: Part 2, or the original, then I'll be one happy guy.