Hey bud, I dunno who pissed in your cornflakes, but there are plenty of these kinds of projects out there already .. and they're not all so dire as you proclaim. This is something that has been happening, incidentally, for over 20 years and multiple independent variations, so .. its neither 'a waste of time' nor is it fantasy in any way. These machines are out there, and they work very well.

The Open Pandora is a great little games machine, has decent 3D capabilities, and its successor - the Dragonbox Pyra - is going to be even more superb. Calm down a little, and take a look:

https://pyra-handheld.com/boards/pages/pyra/

(I'm a very content owner of two Open Pandora devices.. fantastic little machines, and I hope we see more like them in the years to come.)