We fully expect the game to show up on Virtual Console here at some point. There's no reason for it not to. It's not even as if Ys is an import title like Battle Lode Runner or DoReMi Fantasy. It was released in the U.S. For that matter, it was bundled with TG16 CD-Rom drives.
But for whatever reason, they've been evaluating this for a long time. Ys was actually given an ESRB rating back in November. We wonder if they're trying to decide between releasing Ys I & II as an $8 VC download and publishing the DS games that recently bombed in Japan.