From Sega Retro
Supermodel is a Sega Model 3 emulator written by Bart Trzynadlowski. The project began as early as 2003, but was put on hiatus before a substantial amount of work was done. It was picked up again in January 2011, with the emulator completely re-written in C++ and the first public release debuting in April 2011. As of May 2011 it is one of only two methods of emulating Sega Model 3 games - the other being MAME, which typically fails to load most of the library.
Though an improvement on MAME's efforts, Supermodel cannot run the majority of Model 3 games, and those it can will not run at full speed. It also does not yet emulate sound and has no graphical user interface. Supermodel is also open source.