NES - yes, using an emulator.
GBA - no, not directly. You can use GBA ExpLoader in combination with your M3 Lite though; it'll run clean GBA roms from a nice menu.

 

OK, thanks!

 

i suggest buying the DSTT for cheapness and good expectation for the future
BUT the best IMHO at the moment which infact is like Excellent from the beginning but is greatly neglected is Supercard as u have read from the JPH-Gbatemp review
Ur opinion is effected like mine since due to popularity i even chose the R4 but i knew cyclo was better (still i didn't consider getting the SC that much)
Get the DSTT if u want it cheap but SC if u want the best... i mean comon Ingame cheat menu, RTS , more than 1 saves per game etc. Beautiful

 

Here are the topics for emulations

http://gbatemp.net/index.php?showtopic=70364

 

if your M3 lite works fine, you're not really going to see much of an upgrade with any card

your best bet is a slot1 with SDHC support

supercard DSone, cycloDS, acekard, etc

r4 is a great card, but I'd pick something with SDHC support