Fabien Autrel released a Sega Saturn Emulator for Windows.
Heres the details from the last Version:
What'new :
[] Changed plugins specifications, old plugins won't work anymore. For plugin developpement
use the new included headers
[] Added correct 4Mb cartridge emulation, final fight revenge and dungeon and dragons collection work.
[] Added a hack system specified in games_parameters.ini, mail me if you want some explanations on
how to add hacks.
[] Many other things I don't remember.... :P
[] please, read plugins 'readme' files for more details.