The first released demo to come out of this competition is for F-Zero Maximum Velocity.
The demo runs at 25fps on actual hardware. Due to a hardware limitation with the VB, it has been abandoned. Yet, it is rather impressive and an indication of what type of projects could come from this competition. Read more about it: http://www.planetvb.com/modules/newbb/viewtopic.php?topic_id=5365&forum=13
The second project announced is a full 3 act port of Snatcher, including the Sega CD intro. This project is only a discussion at this point, but the developer promises a demo will be released before the close of the competition. Read more about it: http://www.planetvb.com/modules/newbb/viewtopic.php?topic_id=5367&forum=13
Competitions like this can not survive without word of mouth. If you know any retro developers, gamers, or Virtual Boy owners, please let them know about it.