I remember some remark of Rlyeh in which he stated he'd use some sort of core from Zardoz his emulator for his one, fGen. This means his work is not completely lost.
No news from Rlyeh so far, and I'm still desperately looking forward to a good Genesis emulator (fGen is great, the only thing it misses is sound). However, I believe only a very few people active in the scene can do this, so we just have to wait patiently.....