I'm still waiting for a PCE System on a Chip clone (PCEOAC. There are already free circuit markups and diagrams of the 6502 core, and every single piece of patentable hardware in the PCE or its peripherals should be no longer protected and in the clear. The trouble, of course, is sussing out the little dark corners of hardware functioning. Still, there are skilled enough folks in and around the community that with proper incentive we should probably be able to work something out.
The ideal PCEOAC, in my mind, would be a single chip solution that replicates all the functions of a SuperGrafx and the extra ADPCM chip from the CD unit, combined with an open BIOS that emulates the functions of the SCD BIOS (and possibly is switchable for different BIOS revision clones). It would have a card slot with an option to switch the data lines and ground pin. There would be an SD-Card slot and a separate chip that allows the system to use ISO images to emulate a CD-ROM, since that option would probably actually be cheaper and more reliable than trying to include an actual CD-drive.
The caveat? Even if this thing could be made (it is certainly technically possible, but there are many other barriers), it would probably be about as expensive as getting legit, original hardware. It would have to be made first using some kind of FPGA by some company like Alterra. I don't know that such a thing could ever be as popular as the NES/Genesis/SNES devices currently on the market, so it might never make it from FPGA to an actual mass-produced unit, meaning costs would be unlikely to come down.
The upside, of course, it that it would be good backup for aging hardware, and having those circuit and chip layouts finalized and in working order would help with keeping the community alive even as hardware slowly fails.