People are playing online currently, not with an emulator, but on a hosted server that I reverse engineered and built from scratch. Another person had developed a more rudimentary server previously that they took offlline, so I reverse engineered all of the protocols, encryption, etc and built a working community server from the ground up.
Everyone (except me) who is joined to the server is using original hardware and recovery discs, running on XPEmbedded. As of right now to play this game you need a Nytric , a working card reader, and a Global VR card to participate in tournaments. The server works almost exactly the way the server from GlobalVR did.
The issue is, I don't need people getting cabinets, using an unproven guide to upgrade, then potentially corrupting their data and/or causing issues with the server when connecting, causing a crazy support headache for me. I don't have the bandwidth to support that. Also, it's very likely that when/if we get a good loader that would allow bypassing of the nytric and allow for "soft" smartcards, I'll require some kind of certification of each install before I allow them to join the server, likely via some kind of a service that gets installed on the machine that can report back if anything is modified out of band and bans that "cabinet". The community is great and is regularly playing and opening the floodgates to a bunch of shoddily created machines with a bunch of other crap on them, created using a guide that is not ready for primetime would be a major problem.