If anyone really cared, it would've been much easier to fix the current IOS HLE rather than come up with a LLE.
It's not really feasible since you end up HLE'ing the hardware interfaces themselves anyway. Now what do you think is harder - reversing the ARM cpu used or just hacking together a few tests to reverse engineer the behavior of the ISO calls?
For what it's worth, there has been some limited effort to emulate the starlet, but it's not active anymore. See http://code.google.com/p/broadoff/
It's not really feasible since you end up HLE'ing the hardware interfaces themselves anyway. Now what do you think is harder - reversing the ARM cpu used or just hacking together a few tests to reverse engineer the behavior of the ISO calls?
For what it's worth, there has been some limited effort to emulate the starlet, but it's not active anymore. See http://code.google.com/p/broadoff/