Ckemu posted this news about NullDC the Dreamcast Emulator for WIndows:

Work on nullDC (A Dreamcast emulator for Windows) has been steadily progressing recently.

Modifier Volumes (modvols) have been implemented, giving many games shadows which where originally missing. Notable games effected include Dead or Alive 2 (LE), Crazy Taxi, Soul Calibur and Sonic Adventure 2, yes folks, King Boom Boo now shows up when he's a shadow!

Clipping has been worked on to, Ikaruga now has its borders, Sonic Adventure 2's split screen mode now works correctly (along with many other split screen games), Dynamite Cop's portaits screen displays the background, rather than a mess of portraits and Soul Calibur's VS screens now behave correctly.

Last but not least, Render to Texture (rtt) has had some work done to it! Silent Scope now displays cross hairs whilst playing, Crazy taxi's pause menu is no longer just a black screen, and various effects used in Dead or Alive 2 (LE) are now rendered!

Please note this is still on going WIP, and none of the above features are complete yet.

Tons of screens here