Very cool! Don't think I've seen this take on Pong before, but it's a lot of frantic fun, even when you're just going up against the AI. I imagine it's even better when you're playing against another person. The soundtrack is also great, just really made me smile.
Personally I liked the flashing colours, since it really adds to the frantic athmosphere. Perhaps there should be an option to have it be a bit less harsh, though? This being an actual Sega Genesis game (which is quite impressive) probably limits your options there, but it might be nice to have an option that has them fade in/fade out instead of flashing.
I wonder if there could be even more complications to the gameplay, like obstacles on the field or power-ups. The design is pretty clean as it stands, though. I hade a good time with this.