The tracks are in .vgz format, so it’s the exact original songs, which means than entire OSTs are well under 100 KB in size
You’ll need a player (http://www.smspower.org/music/vgm/index.shtml) to listen to them. I use the Kb Media Player (http://download.vector.co.jp/pack/win95/art/music/player/kbmed241.exe)’s simple drag and drop feature if the Winamp plugin doesn’t work.
Give special attention to the Ecco The Dolphin (http://www.smspower.org/music/vgm/unapproved/Ecco_the_Dolphin_(GG).zip) (Master System version) soundtrack which is incredible imo and *gasp* not made by the japanese.