If this YouTube clip is to be believed, then what we have is the first PC emulation of the Sega Naomi arcade board on a PC...
What you see in this video clip is a screen capture of the Naomi BIOS running on a Dreamcast emulator on the PC. The hack was done by a guy by the nickname of drkIIRaziel, and he has revealed nothing more about how he did it, nor has he released any of the files used in his experiments. As of the moment, no games are working on it, but that will likely change now that they have the BIOS running on the emulator.
Now, this video may look like a whole bunch of nothing to you, but in actuality, this is a huge breakthrough in the emulation community, and the "modern-classic" gaming community as a whole. If this video is accurate, this is the first step to being able to emulate the arcade versions of many Dreamcast classics, such as Capcom vs. SNK: Millennium Fight 2000, Cosmic Smash, Crazy Taxi, Dead or Alive 2, Guilty Gear X, House of the Dead 2, Marvel vs Capcom 2, Both Power Stone games, and Samba De Amigo.
But, this news should excite fans of "shmups" the most, since these arcade games may be emulated on the PC in the very near future: Border Down, Cannon Spike (or Gun Spike if you're an elitist loser), Giga Wing 2, Ikaruga, Radilgy, Trigger Heart Exelica, and Under Defeat. Me, I'm not a fan of shumps (not even Ikaruga) and I really don't care what happens with them. But the fans of that genre are pretty hardcore about their fandom, and this will get them even closer to the original arcade experience of their favorite games.
This cracking of the bios could very well contribute to the death of the now aging Naomi hardware, which is still being used for niche shmup and fighting games in Japan, but Nintendo and Sega did recently use the hardware when they made Rhythm Tengoku back in 2006. Just so you get some idea of how long the Naomi hardware has been in use, Neo Geo MVS (the longest running arcade system) was discontinued after 14 years, the Naomi is just coming up on 10 years. Impressive lifespan for an arcade system.
