I can't post the link because the boards word filter changes part of it to coon, but it looks like one of MAME's encryption ninjas has done the business on CPS3 and got the system booting.
It'll probably be a few months before they get it all worked out assuming they don't run into any nasty stumbling blocks, but thats half the battle done and its even better if they did it without having to attack original boards that kill themselves off at the first sign of trouble.
On a related note, i'd recommend hitting up NullDC if anyone wants to play MVC2 or the CVS games. Its much better then Chankast ever was and the Dreamcast was practically the same hardware as the arcade system they ran on in the first place.