Actually, its not. Its a emulator run on a handheld. It would be crazy to expect them to include a straight analog RGB function when their target audience is specifically using a HDMI capable LCD. It may be hard to swallow, but their target audience here is not going to be all the nostalgic old school die hard Neo owners of old. Most of the people buying this are going to be in their late teens to early 20's. New fans who are trying to get a taste of what things were like for the original Neo fan base prior. Mainly the same folks who bought the PS2 and Wii compilations, etc, but now want to feel leet and have some bragging rights of their own.
That description nearly fits me to a T.
Except I'm waaaay older. I remember when the Neo Geo was new. I had friends who had Neo Geos and loved playing Neo Geo games in the arcades. Even though I could somehow justify spending the absurd amount of money I did on Turbografx stuff bitd, I couldn't bring myself to invest in another "obviously geared for the cult collector" system. This interests me because it has that familiar look, but already contains a decent library.
Interestingly enough, I have an actual wood-grain 2600 and a bunch of cartridges that sit on a shelf in in my office, but, due to convenience and image quality, I have one of those Flashback systems hooked up to the tv for the rare urge to play one of those games. I'd have no problem playing this emulated console when it's so close to the original and is so convenient (and relatively cheap).