For kinda the opposite of this - super expensive, plays all NES games as carts - check out the Analogue NT: http://www.analogue.co/products/analogue-nt-information

It's apparently sold out now, but it was a $500 NES built using clones of hardware, and with modern video and audio output. Jeremy Parish has a writeup over at USGamer: http://www.usgamer.net/articles/analogue-nt-review-for-the-r...