there is one available called pocketgenesis
you can find a link to it over at
www.pocketgamer.org
or
http://www.pocketemulator.com/genesis.html
it does work on the axim, with save states, but no sound
but speed wise its not great...with the refresh rate tweaked and my 400 overclocked to 498 its >almost< playable (tested with starflight, the one megadrive/genesis game I'd really love to play on the move)
in the meantime CeGG isyour best bet as it plays sega master system games, with sound almost full speed....