Of course, the conversion isn't perfect. According to a write-up from intrepid blogger CinnamonPirate (who unearthed the 2MB ROM from a Chinese blog) the polygonal graphics and cut scenes are gone, replaced with an impressively wide array of sprites, many stolen from other Final Fantasy games. The story remains surprisingly authentic, though, encompassing the entire three-disc epic while only leaving out a few optional side stories (bye bye, Yuffie and Vincent). The wide array of weapons, magic and materia from the original is a bit restricted in the port, but frankly, we're impressed that features like materia-leveling made it on to the 20+ year old hardware in any form.
The company behind the cart is apparently now primarily makes MP3 players, so our hopes for a Colecovision version of Final Fantasy XII will probably remain unfulfilled.