No it's not MAME based at the moment. Would be a possibility for the future though
Some good news. Most of the critical PPU bugs have been fixed, and I've made an initial attempt at implementing the MiWi 2 input (it works but it's quite hacky and the button order isn't correct ATM).
It does now seem to run all of the games I tried without crashing and with some degree of graphics visible, most of the games do still have some PPU issues - mostly due to a bad scrolling implementation.
Hopefully it won't be too long to fix these remaining issues.
Now approximately 90% of the graphical issues are solved. The only games with major issues are the "3D" racing games, I suspect it's due to whatever they use for perspective. Still a bit of work before it's ready to be released, in particular some kind of initial UI and a Windows build.
Public release of version 0.10 posted at the top.