Some, but that isn't really the case now. There used to be a ton of different arcade boards but then that fell off.
Of the current ones you have out now in abundance the naomi/atomiswave is just the guts of a dreamcast (and this tech is dieing off), Namco's arcade board is just a PS3, and the Taitox2 is just a PC, even runs embeded windows. The past generation had boards with the guts of a PS2 and one one with the guts of a game cube and the taito type x which was a PC.
What you're talking about was more back in the saturn days.




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