Saw this posted over on Bordersdown's forums a bit earlier today.
Basically Youtube user Back In My Play has posted up a couple of videos with his hands on review of the Omega CMVS unit which is made by Arcadeworks.
It looks really lush, and it's designed to resemble an AES unit. Looking at their website it appears you can buy two models, one with a virtual memory card installed and one without.
It outputs either via RGB scart, composite or component and I believe the cost for each cable is an additional $15 each.
Looks really nice, and although I don't particularly need a CMVS (as I already have one back in the UK) it might be interesting to those out there who are still looking to dive into the world of MVS.
It's pretty pricey at about $500 but it looks like it's a quality piece of kit. Also it should be worth noting that like many people who own an MVS will tell you, it's a lot cheaper in the long run when you're paying for MVS carts as opposed to AES.