Need yet another reason to jailbreak your iPad? That's the only way you'll be able to pull this off, and it looks awesome. Sure, the lack of physical buttons sucks, but what can you do? [WhereTheWoozleWasn't via iPadintosh]
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My problem with emulators is using the phone as a controller in the first place. It's nice to be able to feel the buttons, even if it's a keyboard instead of a controller.