Tectoy has been selling their Genesis builds for many years after Sega discontinued theirs, so if anyone can make something today with original discrete parts it'd be them. Pretty anachronistic technology (although a little more advanced/integrated than the earlier Genesis models), but I guess there isn't enough demand for a new ASIC or even FPGA-based design to make sense. That and they might not be comfortable supporting whatever increase in capabilities they'd need to accommodate that.
That also means the bundled games and SD card support is likely accomplished through something like an integrated flash card and not a core redesign. Which would help explain why it's all so expensive. Kind of ironic given that the whole reason Sega's consoles were so viable for so long in Brazil was because of their low cost compared to more modern alternatives.
Composite-only output and bundling it with the three button controller instead of the six button one seem like big misses.
The game selection is also pretty mediocre, and I don't expect it to be a huge component in the large price. Compared to the $30 Steam classics pack (
http://store.steampowered.com/sub/7825/) it has Arrow Flash, Jewel Master, OutRunners, Sega Soccer, Sonic 3 and Turbo Outrun. So a mediocre shmup, an alright platformer, a couple Outrun series conversions of dubious quality and an incomplete Sonic game (seriously, leaving out Sonic & Knuckles is just insulting). The Steam pack on the other hand seems way more genre robust with nearly twice as many games, with the notable omission of anything Sonic.
That said, I'm guessing that the game selection stopped shy at including anything text heavy that would be hard to play for importers who don't speak Portuguese.