Got this Japanese Sega Saturn on ebay for $31.52 shipped. Was sold "as is", but I tested it out with my cables/games/controllers/memory carts and it works perfectly.
Even better; it turns out it's a Cross Products development system.
There are cables coming out from the front and rear.
There's a port on the side, a "VCD/CD" switch (don't know what it does; only works when set to CD), and a reset button.
Next to that is a red knob that changes the Saturn's region along with a sticker listing the settings.
I've identified them as:
1: Japan
2: Asia NTSC
4: North America
5. Central/South America NTSC
6: Korea
A: Asia PAL
C: Europe PAL
D: Central/South America PAL
Tested it with my Japanese and US games and it does actually work! I don't know what the rest of the settings do.
There are also extra vents on the other side.
Here's a page with some info and pics of what a complete rig looks like:
http://nfggames.com/sales/html/EpZEkFkZlFKWfIYXvs.html