Not yet.

There's been talk about emulating the communication part of connected cabs, but there's a few blocking points.
A. Latency. Many of the connected arcade cabs had very low latency. Some weren't as low as others, of course, but with the setups of 10/100/1000 mbit ethernets, different wifis, dsl, cable, or (shutter) dialup, plus the overhead of emulation, there are many cases where even these lenient games won't work.
B. Different communication methods, protocols, etc. Mame would prefer to implement a "generic" way to emulate the hardware, without hacks & documenting the hardware. Not easy with all the differences (not impossible, either, but above my head of sure).
C. Documentation (or lack thereof). Easier to emulate with documentation.
D. Confusion with "(inter)netplay". And all the reasons mamedev wants to stay away for (inter)netplay.
The latest I've read (but I'm not an "insider"), is that it's possible on (low latency) gigabit ethernet and faster. However, the "best" way (documentation, latency, ease of programming, ease of support, and stay away from confusion with internetplay) is to emulate the two (or more) cabs on the same computer, and keep the inter-cab communication inside that same computer.
As mentioned before, mame's not ready for this yet, and has aways to go before it is. So to paraphrase others, "Sit back and enjoy way comes your way
or start coding; and a lot is in the pipes already."
