Aparently some spanish guy has done it. CPS3 on mame soon?
Destructoid (http://www.destructoid.com/cps3-decrypted-sf3-coming-to-a-mame-cabinet-near-you-32691.phtml)
Spanish Blog (http://andreasnaive.blogspot.com/)
Sounds pretty good... of course, there were only 6 or something games released for CPS3, and the only one anyone cares about is 3s, which you can get pretty much perfect ports for anyway... but HUBBA HUBBA!!!
Emulating it will be a beast, and I forsee a computer upgrade in the future (never thought I'd say that again!)
To be honest, I'd prefer to see an atomiswave emu... but that'll be another 5 years probably!
--flux
probably still be a while before theres any sort of emulation...