It is important to note that the System 16 setup came in three noteable stages. Pre-System 16, System 16 (A), and System 16 (B). All stages had like hardware, but mild differences that could alow for the improvements in gaming that happened over its almost 10 year time span (1985-1995).

As aderack pointed out the System 16 hardware was utilized with AM2's work, but the System 16 hardware was not alone. In the case of Outrun for example, they extended the board for additional rom chips and a second MC68000.

And now, the known game list (Its amazing how useful the MAME source code can be!); Action Fighter, Alex Kidd, Alien Syndrome, Altered Beast, Aurail, Bay Route, Body Slam / Matsu Moto, Bullet, Charon, Cotton, Dunk Shot, Dynamite Dux, E-Swat, Excite League, Fantasy Zone, Flash Point, Golden Axe, Heavy Weight Champ, Major League, MVP Base Ball, Passing Shot, Quartet, Quartet II, Riot City, Ryukyu, Shinobi, Sonic Boom, Strategic Defense Initiative (SDI), Sukeban Jansi Ryuko, Super League, Tetris, Time Scanner, Toryumon, Tough Turf, Wonder Boy III - Monster Lair, and Wrestle War.

System 16 based games; AB Cop, After Burner I, After Burner II, Enduro Racer, G-Loc Air Battle, Galaxy Force I, Galaxy Force II, GP Rider, Last Survivor, Line of Fire, Out Run, Power Drift, Rail Chase, Strike Fighter, Space Harrier, Super Hang-On, Super Hang-On Limited Edition, Super Monaco GP, Thunder Blade, Turbo Out Run.