The XBLA version of Guardian Heroes features revamped graphics (still exactly the same, only enhanced) and is playable in both Japanese and English. It also features a selectable slightly different control scheme, with not only hard and light attack, but hard, medium and light. It also features a highly customizable vs game.
However, the vs game allows locally only for 4 players.
The game is also (general observation) seriously much harder to complete.