I've had this article bookmarked for many many months, but I've seen no mention of it elsewhere, or any reviews of the application in progress. I question if it is real or not. Hopefully it is.
It'd be great if it could do all GameCube/XBOX/PS2/PSX games. I'd gladly pay $200 for a device like that. It shouldn't be too hard, the computer would do most of the work.
