Design 1: I like the neon logo, but the Japanese characters are surplus. It seems every videogame article, book, poster, t-shirt, toilet roll etc must have Japanese on it these days and imo its become passe. The arcade cab is ok, though too dark and has lost its marquee, but I do like the wall with the posters behind, its a nice way to introduce relevant detail without being OTT. The control panel is an abomination though, it looks like a bad MAME cab conversion with a joystick hanging 3 foot out to the left. It doesn't look connected to the cab either.
Design 2: Seems very generic, there are no end of fanzines, mags and books that use this style. Is not a bad design as such, just uninspired. Japanese characters - check, cut and paste sprites - check, generic bland cab - check, weird control panel designed by artists instead of gamers - check. Again, the control panel looks like a bad MAME cab and doesn't seem linked to the cab.
Having said that, the font looks about right, the wall and cab colours complement each other and the sprites don't seem out of place. Hate the blue control panel on a wooden cab though.
Design 3: Don't like the title font, but that may just be me (though you've said you'll at least correct the title text). I don't know why I don't like it though - I suspect its the coin in the middle, though I can see what you've tried to do there. The vector cabs and grid background is once again something of a cliche, but in this instance I think its a good one - its very evocative of videogame books from the 70s and 80s when this was cutting edge design. I'll even let you keep the Japanese text on this one.
To summarise, I like the top half of Design 1 and the bottom half of Design 3. Overall, 3 gets my vote by a long way compared to the other two though.
I realise that's a lot of criticism, but you did ask
Regardless of cover criticisms, the content looks to be enjoyable coffee table fodder - when can I preorder?
[edited, as I spotted I'd actually put the wrong numbers on for my preference!]