A few brave souls have created a rather interesting new emulator called "Dolphin" that, as you may have guessed, emulates the Gamecube. It never ceases to amaze me how far emulation is pushed, and how fast. I haven't read up on it very much as of yet, but I would assume it uses High Level Emulation to do its dirty work. Things have really changed in the emulation world since UltraHLE came out, and while I like the approach of having "something" to play with, I'd almost rather wait until computers are fast enough that low level emulation is possible (I'm a patient guy).

Still, people like Eric Traut (of Virtual Game Station fame) have shown that techiques other than low level emulation (in this case Dynamic Recompilation) can have very good results even on modest hardware. The problem with Dynamic Recompilation however is that Mr. Traut is such a master at it (he helped Apple with the 68k->PPC transition, and Connectix build Virtual PC), that everyone else looks weak in comparison. I certainly would like to see him try another emulator. Perhaps he's up to the task of emulating the Saturn?