fpgagen is an attempt to clone the SEGA Genesis/Megadrive console on a Terasic/Altera DE1 board.

So far, both CPUs are done (thanks to the TG68 core from Tobias Gubener and the T80 core from Daniel Wallner), as well as glue logic and a custom Video Display Processor.
It is compatible enough to run many games, with a few glitches, as it is still in a alpha stage.

Here is an early video of some games running :

Source code and programming files have been released at http://code.google.com/p/fpgagen.

Please have a look at the README file for additional information and operating instructions.
All you need is a DE1 board and a VGA monitor.
Enjoy!

EDIT : article about it on hackaday :)