Yes, it's an emulation platform. It just so happens to only be able to emulate the Genesis at present. It sounds great on paper, but I have a hard time seeing this practically and gracefully apply to many of the fundamentally contrasting platforms out there. Yeah, they all have a CPU and a system bus, but there's a lot more to it than that. An Atari 2600, an SNES, and a Playstation 2 for example are going to have very different needs. The differences in the CPU, video, and audio hardware and their synchronization needs is quite significant. I imagine it's going to be more of a works (or works best) only on platforms that the author knows a lot about. There is no source code yet to look at. There are XML files for Genesis that give a small idea of what it's all about, but that only goes so far.
Another thing that comes to mind aside from all the internal workings is the debugging interface. Look at those screenshots. Now let's pretend you have that Atari, SNES, and Playstation 2. That same interface just isn't going to work well for all three. How are other platforms going to be supported? A single dynamically generated debugging interface just can't to be ideal for all platforms.
With that said, it looks to be a fine Genesis emulator with solid core concepts that has some appeal to ROM hackers. It's always nice to see something like that regardless.