Lakka is a lightweight distribution which also runs on the Raspberry Pi and is able to run retro games on your big screen tv.
It is able to emulate multiple old console and handhelds like the Game Boy, the Game Boy Advance, the NES, the Nintendo 64 or even the PlayStation.
I’ve installed it on my Raspberry Pi 2 but wasn’t able to get the controllers to work (Xbox 360). Also my keyboard wasn’t working correctly with the system, so I wasn’t able to setup the controllers myself.
The idea itself is pretty awesome and if it would add support for limelight it would be pretty much a perfect system for streaming games and playing retro games.
I’ll try to get the system to run correctly some other time perhaps when it’s more stable, but at the moment I think this project has a lot of potential.