Check out ConsoleVision -- it's true! Still in the early stages, but I'm not gonna complain. Here's their news post (minus the working links).
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TurboGrafx-16 Emulator Pre-Release!
Posted by at 1:05 AM
Bill Nagel has posted in the DCemu boards of a TurboGrafx-16/PC-Engine emulator for Dreamcast that he's working on called Dream Engine:
This is just a preview release of my Turbo Grafx emulator, Dream Engine. Its not much yet, but its coming along. Right now I'm working on a new core in SH4 asm, so expect it to get faster. I couldnt find any docs on how to make 1st_read.bin, so I've only included the .elf. See the readme for more information.
http://www.billnagel.com/files/dengine.zip
Bill
Duckman has posted some screenshots and a video of it in action, but he's on a Geocities account with no bandwidth so i've mirrored them here:
Screenshot 1 Screenshot 2
Screenshot 3 Screenshot 4
DreamEngine DiVX Video (2mb)
Also, Duckman has put together a scrambled 1st_read.bin of DreamEngine, which can be found here. Enjoy!