This is technically impressive, but as a game console falls flat for action games. The 3 NES games i tried did acknowledge my inputs, but were unplayable due to three factors:

    1. latency
    2. lack of tactile feedback from my phone
    3. the weird decision to have the d-pad work on a swipe
       basis instead of press&hold, which increases input
       latency even more and forbids quickly switching input direction

For RPGs and other turn-based games it would probably be fine.

Edit: Just remembered that not all games are action-oriented.