Here's what I tried and worked out OK (and I'm just starting to explore). I find the shooters to be the best on the cab.
Capcom vs. SNK Pro (or any fighter really)
Silent Bomber is OK
r-type (awesome)
Gradius Gaiden (not my fave)
Devil Dice
Intelligent Qube
Asteroids
Omega Boost
Frogger 2
Raystorm (very cool)
Tekken 3
I'd avoid any 3D type game that makes use of the shoulder buttons for viewing or panning (Tomb Raider or Technu type games). Shooters are great. Puzzle games are fine. Fighters are typically fine. Platform games like Castlevania are OK. Try each one to see if it works OK. Some do, and some don't. It depends on the "spirit" of the game the mapping of the buttons. It's obvious if it won't work well.
I guess that in the end, it has to be arcade-like to play well on a cabinet. These games are meant for home consoles so a good translation to a cab is not a forgone conclusion. I haven't even bothered trying games like Driver, Ape Escape, or Resident Evil. They seem like a square peg in a round hole on a cab. I betcha Rampage World Tour would play great but I haven't tried it.