I love Black Tiger to death. It's probably my second favorite arcade game overall. It controls great, has sprawling stages that manage to remain focused, tons of secrets, and atmosphere for days. I do it on one life on a good day, but it never stops being fun. Easily my favorite Capcom video game period.
As far as similar games go, I know a lot of folks say Magic Sword, though I don't quite see it myself. Awesome game, but doesn't feel at all like Black Tiger, as its stages are so flat and short. I get more of a Black Tiger feel from the Ghosts 'n Goblins/Ghouls 'n Ghosts/Makaimura games. They have such similar jump and attack mechanics and level structure. In a lot of ways, Black Tiger feels to me like if Ghosts 'n Goblins had been designed by Boris Vallejo.