BlueCrabs Project L has been unmasked revealing a Sega Saturn emulator!

The first shot out there is of the BIOS which can be found at his website here

Bluecrab said this about the project:

Well, I finally got Project L to do something, and as promised, there will be a screenshot (keep reading). However, much has changed since project L’s inception, the biggest of which being that this is a port now.

Discussion of this awesome news can be found here