Homebrew developer Ben Ingram has released NeoDS, a Neo Geo AES/MVS emulator for the Nintendo DS. Although certain hardware features such as FM audio and raster effects are not fully emulated as of yet, compatibility is quite good and most titles have been reported to run at a playable speed with minimal to no slowdown.

Note that a DLDI compatible flash card is required. Additional installation and usage instructions can be found in the included readme file.

Download NeoDS v0.1.0

NeoDS [NeoDS - thanks NeoGAF for pics!]