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Falcon was an unreleased game by Spectrum Holobyte
The first mention of Falcon being in development was in the April 1992 issue of Gamepro. It was in a listing of games shown at the 1992 Winter CES. The July 1992 issue of Nintendo Power stated that it was headed for the Super NES by early 1993. The prototype version of the game is merely a demo. There is essentially no gameplay in it.
The prototype is a bit of an oddity. The date on the EPROM chip is from March 1993, which is considerably later than when the game was first announced. I would have expected it to be further along at that point.
Some clues as to this discrepancy are within the binary. I found chunks of the 1994 game Spectre within the binary. To me, this suggests that someone had the binary for the demo of Falcon, and burned it onto this cart long after the game was delayed/cancelled. Note that the chunks of Spectre are probably from a prototype version of that game, as the credits section is in a different part of the binary.