I had no idea it had made so much progress, but they have recently posted the whole intro from Shenmue! Sure it has graphical glitches and runs relatively slowly but this is still very promising.
Lots of other screen shots and info to be found here.
Oh yeah, while I'm on the topic of emulators, I'm shocked that no one has mentioned that Gens has gone open source. But there you go.

Lots of other screen shots and info to be found here.
Oh yeah, while I'm on the topic of emulators, I'm shocked that no one has mentioned that Gens has gone open source. But there you go.