Saw this ages ago on Hackaday. That said it is expensive i aggree, and $90 will probably buy you both a Megadrive and a SNES. However as far as emulation goes this is awesome! 100% awesome.
This not only promotes the legal emulation of the old games, but its a proof of concept first and foremost, I dont expect it to be a huge commercial success, seeing as anyone with an internet connection can download every SNES and Megadrive game ever released, versions of it, and even the Japanese version, why would you activly buy this?!
Still a neat device.