there are at least 5 games out for m2 hardware but only as arcade system 2 of them are polystars and battle tryst (last one i have my self)
on the other site there where many more games in progamming state
if you leave out the arcade games i think there are power crystal, imsa racing, crash bandicoot, d2 from warp, a flight sim with a topgun like theme, a football game from the diablo developers and i guess there are some more which i right now cant remember
you can checkout some of the in progress games on my propietary site (just look for the html files in the subdirs under /software didnt have time to finish the site up)
http://zappenduster.7sky.de/3do-m2/
and this is what you would love to have home (only the cddrive but the other stuff is still in boxes =)
http://www.8ung.at/zappenduster/3do/3do_m2_005.jpg