According to the various posts in nesdev messageboards it seems that there are some very clever people involved in making this new emulator. This is great, maybe we some day see a great NES emulator and finally are able to play the most rarest roms.
I have some questions about the project I couldn't find an answer:
1) Are you planning to make this a community project (i.e. free software or open source software)? Making the emulator closed source is a waste of time IMHO. Licensing the project under GPL makes the knowledge available to everyone. Isn't this what you want anyway? Besides, being strict with the freedom of the project is the key to get it included into Linux distributions and to gain more users.
2) I see you are using sourceforge. That's great. Establishing a CVS repository in sourceforge would be yet another step towards easy maintenance and would allow people to easily join the project. Are you planning to do that?
3) In what language do you intent to code the emulator? I see no other (serious) choice than ANSI C, perhaps C++ but that would scare lot of people away. For example, ZSNES is a very good and nice emulator and I use it often but what does it offer to people with non-Intel CPUs?
4) What platforms do you plan to support? If you decide to program it in ANSI C, and license under GPL, it will be easily ported to other platforms as long as you use a good I/O library like SDL for graphics. I really think that making (permanently) Windows/Mac/Unix-only emulators is not an option anymore these days.
You all probably know FCEUltra, now being developed as Phamicom (phamicom.sf.net). It is a great example of a true free software (open source) project: it survived when the original author decided to stop working on the project. We didn't have to pray for Xodnizel to release the sources under some liberal license and we never will. The huge amount of information that FCEUltra contains wasn't lost in the developers' heads.