The NeoGeo AES also had the benefit of it's specialized audio and video chipsets. A custom video chipset allowed the system to display a whopping 4,096 colors and 380 individual sprites onscreen simultaneously (compared to 64 simultaneous colors and 80 individual sprites for the Genesis), while the onboard Yamaha 2610 sound chip gave the system 15 channels of CD-quality sound with seven channels reserved specifically for digital sound effects. Surround-Sound was also built into many games for a truly state-of-the-art sound experience.

Nonetheless, this type of power carried a large price tag; the console was planned to debut at $599 USD and included two joystick controllers and a game (either Baseball Stars or NAM-1975). However, this plan was quickly scrapped and when the system had its national launch it debuted at $649.99 with two joysticks, a memory card, and a single pack-in game, Magician Lord (the early Neo Geo boxes had a gold sticker announcing the inclusion of Magician Lord over the initially planned choice of two games), this package was known as the "Gold System". The system was also released in a "Silver System" package, which included one joystick controller and did not include a game or memory card. Other games cost $200 and upwards each. With these "premium" prices though, most gamers weren't able to afford the system and so the console was only accessible to a niche market.

The Neo-Geo was only to be driven further into cult status by changing mainstream tastes which soon demanded flashy, 3D graphics. Yet, the quality of Neo-Geo games kept it alive in arcades, particularly in Japan, where the newest instalment of the flagship King of Fighters was certain to cause a stir with each release.

The last game for the Neo-Geo system, Samurai Spirits Zero Special, was released on October 19, 2004. Originally, there was no form of copy protection on the system's cartridges, though it was later added, and it managed to prevent software piracy for a period of time. One of the major factors bringing an end to the system's longevity came when bootleggers managed to defeat the copy protection, leading to the eventual pirating of the cartridges' ROM data. SNK ceased to manufacture home consoles by the end of 1997, but software for both formats and arcade hardware was produced for many years after. Measured from the introduction of the arcade hardware in 1990 to the release of the last home cartridge in 2004, the Neo-Geo's 14-year span of support from its manufacturer makes it the longest-lived arcade or home systems.

There is a thriving collectors' scene for the Neo-Geo home systems, especially the original AES home console. This is mainly because of the limited runs received by cartridges, the massive arcade library available, and the system's reputation as a 2D powerhouse. It is still common even to this day for both Neo-Geo consoles and cartridges to fetch extremely high prices. Some rare Neo-Geo games can sell for well over £1500. This gives the system an almost cult following, as owners see the system as more of an "investment" rather than an ordinary videogame console. This leads to high resale value on most Neo-Geo systems and games and makes the console a "must-have" for any collector.