JEmu2 was just updated to version 3.4.
New in this release:
1) Support for Sega Y-Board hardware (Galaxy Force II, Power Drift, Rail Chase, G-LOC)
2) Performance improvements in Sega X-Board hardware (After Burner II).
3) Moved Street Fighter 2 to the 16 bit arcade section.

http://www.gagaplay.com