It is still far from launching games (2-3 years). Do not expect miracles. As of now the emu can launch just small homebrew apps.
System requirements: quad-core CPU and DirectX 9.0 compatible graphics card are recommended, Windows XP or Vista 32-bit. Version for Windows 7 64-bit has not been tested for a long time (my laptop kicked the bucket), so it may not work.
This project appears to be dead.