We have been agraciated with the first "working" emulators for Sega Saturn less than 2 months ago, surprisingly by a newcomer to the scene that goes for the name of Denis in this forum... one emulates the Phoenix arcade game and the other the SMS system. Since they are all coded in C, they are _very_ slow. At maximum frame skip, the SMS one runs at 1/4 of speed of the original, and both carry no sound emulation at all. If even after all this, you still want to try them out, check
http://smsemu.emuunlim.com/
The next months might bring some changes, tough...