@InYourMouf: actually, the system files exist for the games, and even tho they're not physical carts, the hardware is as close to a replication as possible. Therefor recreating the process almost to native playback, which is why the visual and audio quality is so much better than the virtual counterparts of the same titles. So, with all that being said I would add that it's fair to say this is somewhere in between emulation and native playback.
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