There's a discussion over at Slashdot today about a new emulator for the PlayStation Portable that can play Game Boy games provided that your PSP is a Japanese unit with the version 1.0 firmware and you can jump through the emulator's installation hoops. North American and newer Japanese PSPs contain the version 1.5 firmware that fixes the loophole needed for this emulator to run.
The legal battles surrounding emulation and the ongoing investigations into game piracy make me wonder who will file a lawsuit first. Sony can't be very happy that their firmware was hacked/exploited in order to create the emulator and Nintendo has always had a big stick ready to whack those who emulate their products illegally. If the creator of the emulator could find a way to illegally involve Microsoft products then I think we'd have a new record for the number of lawyers simultaneously hunting for a single individual.