Unlike the NES which has only a few ways to layout the display, which the 3D NES emulator relies on to get good results, the DS can do arbitrary 3D stuff. It also has no API layer to reliably extract the camera information to generalize this kind of re-projection.
Neat looking trick but its sort of a dead end. It requires hand written code for any game you would want to do. I'm also curious about the rendering artifacts visible in the demo.
The DS is very much the wrong choice for this. They should try something similar with Dolphin and gamecube games, because the community there already does some stuff with camera manipulation.