The Battletoads arcade game was released in 1994, and was the last Battletoads game ever produced (a Game Boy Advance remake was in the works, then cancelled). Developed by Rare and published by Electronic Arts (a first for the software giant), the arcade game took greater strides than its console counterparts. In a first for the series, three players could play all three Battletoads at the same time. In earlier games, one of the Battletoads, along with Princess Angelica, was captured, leaving two to rescue them. In Battletoads and Double Dragon, all three, plus the Lee brothers, were selectable, yet it was a two player game.
In another bold move, possibly to cash in on the violence of Mortal Kombat, this Battletoads game is far more violent than earlier entries, with enemies being decapitated, impaled, or turning to a pile of bones upon death. The boss creatures have far more dramatic deaths. This might have inspired the idea to make Conker's Bad Fur Day the enjoyable M-rated romp it was. Rare proved they could make edgy games right along with the cute games they made at the time.
Will we see it again? Outside of MAME, highly doubtful. Rare isn't what it used to be, with the Stamper brothers gone. If the Battletoads arcade game does get a console download release, it will most likely be an Xbox exclusive. It would be the only reason I buy an Xbox One, if ever.