there is one emulation project which makes it look almost complete...
BUT
on the latest computers ( a year ago ) it was only running 10% frame rate or so..
but that was dreamcast, not naomi... and they where trying to emulate both towards the end.
They also said that they wouldn't release it for a while... no matter what...
They came out with a great contest... which was the fake movies produced... it was great! they showed 4 or 5... almost everyone guessed one but it ended up that all where real... just one was with a new plugin...
but again...don't expect it soon... and don't expect it to actually run...
and dreamcasts are only about 20 bucks.. and games are 2 - 5 bucks on ebay.