PC-Engine can emulate NES. But emulate means to mimic. It can be alot of things. Some has for PC-Engine created a framework that allows for certain NES games to run on the PC-Engine with minimal game specific attention.
Some emulators like PocketNES on GBA use the host platform's advantages to achieve reasonable performance. So if you emulate NES on Sega Genesis, unlike on PC where you need a fast x86 CPU to get reasonable speed, the Sega Genesis has a VDP chip which you could use for emulation of NES graphics. You'd have to take care in how the systems are different but right there you can reduce the load on the CPU by a huge amount as you won't have to software emulate graphics like you do on PC.
The Yuji Naka thing I've heard before too.
If you want to load GameBoy ROMs on a Super Gameboy, buy a SmartCard for GameBoy. http://store.kitsch-bent.com/product/usb-64m-smart-card



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