is vantage a good alternative to mame? it looks like it runs well on low spec machines.
Yes.
are mame roms compatible with vantage?
Yes. I think the old Mame 0.36final roms work with Mame, though the recently added games use newer roms. There's a ClrMame dat file out there, so you can rebuild them from your Mame roms.
it is DOS program right? what graphics/sounds cards are supported?
Any graphics card will do. Any soundcard that you can find a DOS driver for will work (about 90% of all soundcards out there)
is arcadeVGA required or will good (arcade like) display be generated with regular (low spec) VGA card to regular PC monitor (does it generate scan lines?)
ArcadeVGA isn't required, Vantage will output arcade resolutions (so long as your graphics card can handle them- old ATi and Trident Blade cards work best)
would it be good choice to use on a cocktail project that will just play the classics? or better to go for early release of Mame?
It'd be an excellent choice.
what FE(s) are recommended to be used with vantage? which ones are DOS based?
ArcadeOS
hmmm.....where did i put that old AMD K6 pc....
Did you look behind the couch?