Im sure something beta will come soon i hope. Also i think emulators is one main reason why i want it hacked. a nice running n64 emulator would be amazing.
I don't see this happening even if it is hacked. That cell processor is going to be a pain in the arse for homebrew devs to code for. Especially without any SDK or documentation. Most probably wouldn't bother.
Having said that though I hope it does. I'd love some emulators.