I'd do anything for analogue to do a nice FPGA Neo Geo with HDMI out. Their SNES really is the ultimate version of the console and I think having a Neo Geo equivalent would be amazing. This seems like fun though but it's more gimmick than practical.
The NeoGeo X was kind of this wasn't it?
Out of interest, is a jailbroken NeoGeo X pretty much the perfect 'modern' NeoGeo system? Basically the ability to put all of the games with a NeoGeo controller via HDMI to a TV.