Have you heard of anyone from Nintendo getting involved (in a positive or negative way) with Byuu's project (or maybe they already offer one via the Wii--not sure)?
Unless my knowledge is out of date, Nintendo's business model revolves around licensing for publishing software for their hardware, so it's in Nintendo's best interest to sell hardware, and not to support emulation on other hardware.
On a related note, when Sony sued 'Bleem!', it argued that running the software on other hardware destroyed Sony's control over the player's experience, and as a result hurt their brand.
But I wonder how the Virtual Console works on the Wii. Does Nintendo have an SNES hardware-to-software conversion guide? Do their VC releases turn out perfect? I've bought a few, and while they're certainly faithful, I'm not enough of a connoisseur to spot the flaws.
[1] http://www.next-gen.biz/news/fils-aime-wii-hardware-profitab...
I vaguely remember hearing of instances where games weren't emulated accurately (or even as well as on other emulators), particularly with regard to slowdown on PAL consoles.