It seems it's an online software rental business. You have to get this "CyberDisk" software which allows you to download and play the games for a limited period of time for a fee (though it seems that the Saturn games were free for the first half of the month). The hardware requirements are insane IMO but judging by a Babelfish translation of the rest of the site this is probably a market test.
Note that while the games are undoubtedly licensed by Sega I don't think it's actually them that's providing the service and emulator, though I have no idea whose emulator it is (GiriGiri?)