Everyone I've discussed this with keep dissing it for emulation superiority.
Are they saying that they can get a better experience through emulation of these Neo Geo titles? It's kind of pointless to argue that. In theory, it is possible to get a superior experience through emulation of just about any game. With that route, there is no limit to the amount of hardware power that you can throw at the problem.
What is worth considering here is whether or not the $200 price point is reasonable for what is being offered. I am inclined to say that it is. But I won't know for certain until seeing it in action. I am particularly concerned about the scaling that will be on offer for the HDMI output. I would personally like to know that this handheld will offer accurate 2 or 3 times scaling. When playing retro games, especially arcade games, I like to have everything pixel-accurate. I would assume that the screen on the handheld itself is native resolution for the original Neo Geo hardware, so I'm not overly concerned about that. But the scaling options for HDMI output worry me. Plenty of emulated classics have been mucked up by not providing proper scaling options.
The handheld loks to be widescreen at a possible 16:10. Don't cite me for that, this is just a quick observation. Odds are that both HDMI and the handheld might letterbox them, but since the Wii's Virtual Console releases don't have widescreen correction, that's a little iffy. There's still AV output from what I hear, so I can just hook it up to my old TV.