This is a phenomenal demo.
Do the 3D bits implement the additional SVP chip used in (AFAIK only) Virtua Racing?
I used to do some interesting stuff with the MD / Genesis back in the day (like when I was 10-12 years old) - first with ROM hacking and moving into small bits of 68k ASM before getting into GBA and DS homebrew development, which was loads of fun (especially with an R4! screw commercial ROMs, this was a dream come true for me for homebrew! :D)
I was really involved in the Sonic Homebrew and fangaming scene and ended up sticking around on Sonic Retro (formerly SWS2B) since 2001 but haven't been active in ages...this makes me miss it! (I mostly do VR stuff these days :3)