This was played on a custom version of MAME 0.199 that was hacked to allow San Francisco Rush and San Francisco Rush The Rock to run above 30fps. The main CPU (r5000) was also overclocked (from 200mhz to 600mhz in this video) to help increase frame rates.
So this would have the best of both worlds, the 60fps framerate that the arcade versions didn't have (they were 30fps) and properly emulated physics, control and sound, which the Midway Arcade Treasures 3 compilation versions lacked.