This is a faithful recreation. I say this as someone who 100% completed Sonic 4: Episode 1 on Android, which in my opinion feels worse to control than console, and loving this mod. Ironic, wouldn't you say?
However, there is one or two inaccuracies. For example, in Sonic 4, the Homing Attack did a 100% accurate job. Here, it doesn't lock onto anything half the time.