I am curious how some of the effects look on a CRT.
What I notice is that the highly detailed sprite work doesn't produce the elegant artifacting of the era, where pixel bleeding and whatnot would merge nearby colours together to produce desired artistic effects. More often what I see is a smudged mess with noise.
Pixel bleeding? Are you referring to color distortion caused by the use of composite video? Why would you expect to see that in a screenshot viewed on your LCD screen? You'd have to actually see the game output via composite from a Mega Drive to a CRT to see it (which you would, since the art uses dithering well).
This is one of the best-looking Mega Drive games released in a very long time, developed by the company responsible for games like Streets of Rage and Beyond Oasis.
Generally pixel art created for LCDs also looks good on CRTs, with tiny text being an obvious exception.
While it may sound odd to want new pixel art to be "authentic" in the same way as new music should respect the structure and form of styles like ragtime, blues or jazz, I think it applies equally. The skilled artists who hand-crafted pixels to look their best on CRTs did specific things to leverage CRT bloom and blending, scanlines, composite color artifacting and interlace dithering.
What are "CRT bloom and blending"? Are you referring to artifacts caused by composite video output? That is not due to the CRT but rather the signal distortion. RGB output on a CRT will look pixel perfect and colors will not merge. I'd say most gamers using original hardware on CRTs these days are using RGB, so if anything, it reflects the current user trends if the Earthion designer did not use dithering (which he did, making this comment irrelevant).
By the way, some of my favorite games on Megadrive are homebrews, most notably Astebros and other Neofid games.