I think the main reason that Emulation (from what I understand) has been inhibited so far is that noone's been able to really figure out how to use the Media Engine to its fullest yet. If this is still the case, then it'd be like the old-school PC emulators using brute processor force to emulate before they were able to take advantage of Graphics Processors.
Frameskip makes things playable at full speed, unless you're one of those pansies that actually gets HIT and the flashing gets turned into a missing sprite. I mean... come on... NOONE EVER gets HIT in a Sonic game.... Right?
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