bpsilvia: Blizzard re-released Rock n Roll Racing (which never saw a PC release) on Battle.net. The game is bundled with ZSNES as an executable. This pretty much throws all of the speculation that it can't be done out the window.
Arkose: To clarify this is mostly a concern for systems that can only be emulated by using an original BIOS file; many older systems like the SNES don't need the BIOS file so that removes one of the legal hurdles of re-releasing such games.
So... if they wanted to officially emulate, let's say the Philips CD-i, they would have to go through Philips for the right to use the BIOS, right?