If it's on par with the USB controller I mentioned earlier, it'll be worth it. How it handles the software side of things is another matter though.
The software side of things being why those officially-licensed Sega handhelds are so incredibly bad... They aren't Mega-Drive-on-a-Chip based, as you might expect (though, curiously, the Master System/Game Gear ones *are* MS/GG-on-a-Chip based, and are much better, generally), but based on an ARM processor with a *very bad* emulator...
If these are just something that AtGames (those responsible for the aforementioned Sega-licensed handhelds) has pitched to SNK Playmore and gotten licensing approval for (this is, to my knowledge, how AtGames does things* ), then chances are they'll have the same problem.
Bottom line: This looks to be no more competition to the 3DS and PSP2 than the multi-game Sega-licensed handhelds were to the DS and PSP.
*It has been reported that AtGames recently pitched such a thing to Atari, and got official licensing for their device that way. This is how I know this.
EDIT: Yikes! That report, now I've had the time to read it, has some quite glaring inaccuracies! The NeoGeo Pocket Colour did not manage to sell two million units during the two years it was commercially viable. It sold two million units by *2007* (six-and-a-bit years after its release in late 1999), mostly due to the stock of the consoles and games being packaged up and sold in pocket-money-priced bundles after the original SNK died.