Hi all,
To test the new ST discovery kit I made a minimal SMS emulator running 
on it. The code is released as Open Source and it is avaliable on 
http://www.codeforge.com/article/218395
A small demo video is on Youtube-Video "STM32F429 Discovery Sega Master System Emulator"
The project is developed using Keil MDK (evaluation version) so everyone 
can test and enhance it.

Hmm,
Video is nice, but User Account on codeforce is requiered.

If you not have a codeforge account can be download code on: 
http://www.mediafire.com/download/993a2s9v42s9c3c/SMS_EMU.rar