is this really an emulator in the traditional sense? (implementing certain hardware architecture using software) or are they just implementing some software to read and run games in the host hardware? I would be very surprised if this was a true emulator, but I have no idea about the current scenario.
I think the Mario movie did well because it is very different from most video game movies. They went for a family/humor approach instead of a serious epic/action movie. The Sonic movies are another example of this working well.
I have fond memories about Prince of Persia (the 2008 incarnation). it was a beautiful game and you basically could not die. your companion (a beautiful woman, because originality) would just rescue you in the last second.