I definitely think this is the best version of the game. Graphics are good , controls ARE BETTER and there are 38 more levels to explore other than the base game. Theese levels are great (except the usual first remakes of Super Mario Bros.1 levels) and add a good amount of challenge for experienced players. Also there are plenty of collectibles to find. The only downside to all of this is Luigi , wich feels like he was added at the last moment. A lot of levels seems just studied to be played with Mario and with Luigi ... they feel like shit to play.
Overall if you have to play Supre Mario Bros. 3 play this version. It's the best one by far and adds a good amount of quality content.