i dont know if there is one in development, but i can say we will undoubtedly see one in the touch/phones lifetime. There is a PS1 emu for touch now (im sure you know that already) so i dont see why it wouldnt be possible. The nes emu is kinda buggy and slow at the moment, give it time and im sure it will be much better. (note, the gameboy advance emulator works great, in fact, it is better than the nes emulator)
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