I found out about that right after starting playing the PS3 Virtua Tennis 3's demo. I played PA to death and it was really easy to remember the tracks (very nice songs btw). Found a video about it: www.youtube.com/watch?v=AQob1FNnlSw Someone else noted it?
Sega got its music from two places when it decided on the soundtrack for Propeller Arena: Fat Wreck Chords and their own in-house studio. I believe those tracks are from the latter. A shame that since they wanted to use them so badly, they didn't just go ahead and release Propeller Arena.