This is the rarest version of the Wondermega to be released. To justify it's incredibly high price tag (this thing originally retailed for about $598...yikes) this console came with additional features that gave it more capabilities than the normal Megadrive/Sega CD setup, including built in karaoke unit, external CD controls, and MIDI function (which was one of it's main selling points.)
However the additional features were just not enough to sell the gaming gaming public on the machine. See, for the first few years the Megadrive wasn't very popular in Japan (it is still possible to find boxed and sealed Megadrives for about $30) so factor in a machine that cost $100 more than the normal Megadrive/CD combo and you can see how well it sold. So true to the videogame irony clause of the universe as the console sold like a log back then, now it's superduper rare and costs all kinds of money. None of the Wondermegas sold very well, and all are pretty rare, this one being the rarest of the rare. But will that convince me to drop $400 on it on Ebay? I don't think so. Maybe if I win the lottery.
Anyway, there are silver and black versions (the RG-M1 and RG-M2 respectively) and some of the consoles came with a multigame disc that was only available with this console. Distributed in the USA in Wiz stores and guitar shops (because of the Midi function.)