In theory it's a nice idea for people who like retro stuff, but a quick run on Google looks like this company have completely messed it up. The reviews for this thing are terrible, the download store's still in beta and has very few games on it, the console's price has recently been slashed by £40 (they were charging £100, bear in mind you can get a 3DS for £125 now.). It looks like they've launched the console far too early and the support just isn't ready. Plus I've never heard of it before, if they don't advertise it it's not going to do well. Any handheld going up against smartphones is going to struggle, especially one that only appeals to the niche market of people who like playing old games.
I'll be honest, it looks like this ship has already sunk.
[Edit] Okay, done a bit more reading and looks I've got a few things wrong here. It looks like their business model is to launch the console, show that it can sell, then approach the developers to get them on board launching games on the system having shown that there is a demand for this older stuff. I wonder how many of the console's early adopters knew that? Technically it is a gamble, if noone signs up they're screwed. But it also means my previous statement saying the console looks like it's tanking is incorrect, it's only been out for 2 months and they're just doing things backwards so it's hard to tell.