Gnostic: The emulations are still a gray area from a legal point of view and the architecture of the systems differs so much that it is not possible to, for example, emulate a PS3 game yet.
Hmmm i'd call BS.
But from a legal standpoint i understand they'd rather not step up and get in front of a firing squad. They don't want to take risks in a gray area unless they get total permission from the game devs in question. Not to mention half the time emulators appear, they get squashed by the competitors,
Bleem for example.
Yes the architecture is completely different, but perhaps using something similar to PCSX2 where it does dynamic re-compiling of games to native code, you could do similarly on PSX/SNES/Megadrive games and save the output as full native exe files. The hardest part would be the timing, which i'm sure wouldn't be too hard to put every so many instructions a wait call until a minimum of ms pass making the timing just about perfect, or if the games include an auto wait for refreshes you can just have it wait on those
Although games like on the Atari2600 had no such timing and were refreshed something like every 73 cycles... So it might get hairy if any of the systems use that type of trickery...