First, I have to say that I still love my Dreamcast. The system was better than the PS2 in almost every way (except for the one that matters, published games ).

But I don't see us doing a Dreamcast port for many reasons. The big two are:

1) Legal issues.
I think Sega is turning a blind eye to emulators because it is hard to sue indie developers (individuals don't have enough money to make it worth their while).

2) Market share.
I don't think there are enough Dreamcast developers to make it worth the time/money to port the engine (even a simple engine).