I think it depends on how the console it being done in general.
I still love cartridge based systems, but not because of the cartridge, but for the system itself.
If it's just an ARM SoC inside, it wouldn't be anything special these days, the only speciality would be that it loads games off cartridges.
Additionally, the games would easily run on any other ARM system as well, which would somehow remove the "special" kind of feel.
Also the "awesome to see what the hardware can be squeezed out!"-factor wouldn't be there with modern SoCs.
If it would have its own design with different CPUs, graphics hardware, etc. as the old systems and they would receive a developers kit, that would be awesome.
It would get new custom games which won't run anywhere else, releasing them on cartridges would make them special and collectors and fans would love it.
However, that would need a lot of effort to get teams to code good games for it.
But that would be great!
As a downside, once the system is obsolete, you couldn't play the games anymore except with an emulator.
Depending on what a success the system was, it would be coded at a time or not...
The GP32 still has no decent emulator.
It would be possible, it uses ARM, so something like DraSTic would work to make GP32 games run on modern ARM systems, but it seems there's not enough interest for it.
Which is a bit sad, there are quite a few polished games I loved that can only be played on the original GP32 (Blue Angelo, Numo, Nazca Dreams, Crazy Jack, Gianas Return, Super Plusha, Pix Bros, Max in GhostPix, Electronia, GPWar, etc.)