Model 2 emulation becoming a reality?

Check out some of the pics on this page (scroll down a bit):

http://www.emulatronia.com/

Looks to me like work is progressing on a Model 2 emulator quite nicely. The pictures are from the little-known AM2 title Sonic the Fighters. Wireframe models for the characters and BGs are in place, it seems that the next thing that needs work is the textures.

A well-done Model 2 emulator would be a blessing for us old-school Sega fans who'd love o play arcade-perfect versions of titles such as VF2, FV, VO, HotD, etc...
I just hope the authors of the emu are taking into consideration that there were 3 revisions of the Model 2 (A, B, and C), and are making adaptations for the differences in each one.

The only problem is, the system requirements from this are probably going to be pretty steep...

 

is the emu modeller? They've been working on that since jesus was in high school. I'd like to see it finished, it does the small 2D bits perfectly.