Satoru Iwata from Nintendo just announced today at GDC that "Games specifically developed for the SEGA Genesis and for the TurboGrafx console will also be playable on Nintendo Revolution. Not all of them -- but the best of them will be."
Wow, wonder which games will be supported? I bet mostly HuCards... but wouldn't it rock if they had Super CDs?
I also doubt that NEC has much to do with this - I'm betting that Hudson Soft is licensing their catalogue of games to Nintendo, so we will probably see Bomberman and the like...
EDIT: Better, more fleshed out article over at gamespot.
http://www.gamespot.com/news/6146528.html