It was not a question of if, but when. The Windows Phone 7 Series emulator ROM has been completely unlocked revealing more of the preproduction mobile operating system Microsoft didn’t want you to see.
Dan Ardelean who has been tinkering with the ROM for some time now has published a modified version of the “BIN” file which removes the locks Microsoft’s put in place to hide other components of the ROM.
Although there is definitely a lot to explore, to be devil’s advocate I must remind everyone that Windows Phone 7 Series and this ROM in particular is still a very early piece of work and the components in this emulator demo is not representative of what the final product will be. Play with it, have fun with it, but don’t build expectations on it.