In comparison to his previous game Trick Shot which he described as giving him anxiety, Koble described the development of Atlantis as a far more positive experience.

A follow-up titled Atlantis II was given as a grand prize for winners of a video game competition, which featured the same general gameplay, but with higher difficulty.

Atlantis comparatively was described by Koble "a pleasure to work on and we were a very cohesive team [...] I have lots of positive memories".

[1] Koble credited Bob Smith for a coding technique which allowed for more moving objects on screen than the Atari 2600 hardware had originally intended.

Koble later recalled that the players could "pretty much play indefinitely" leading him to create a harder version of the game called Atlantis II.

[5] In 1983, at the Fourth Annual Arcade Awards, along with Starmaster (1982) it won a "Certificate of Merit" in the "Videogame of the Year" category.

[17] From retrospective reviews, David Crookes wrote in Retro Gamer that Atlantis was one of the defining games from Imagic that cemented its reputation as a talented third-party developer.

[18] Brett Alan Weiss of the online game database AllGame praised the Atari 2600 version of the game for its sound and graphics and while finding it fun, wrote that it lacked the speed, freedom of movement and the varied amount of strategies offered from Missile Command.

[11] Jonathan Sutyak of AllGame reviewed the Intellivision version, calling it a "fantastic cartridge with a good amount of variety".

[12] Atlantis features an end sequence where survivors of the devastated city escape in a giant spaceship.

[4] Koble said that during development of both games, both him and Fulop tossed around the idea of the survivors from Atlantis showing up in Cosmic Ark.

[18] Koble continued in the industry working on games such as Sonic Spinball and the PGA Tour Golf series.