Wow, actually works. You'll need the xml file from here:
http://www.bannister.org/software/m1.htm
(included in the source file)
Put roms inside ./roms dir from where you put m1 binary (ext2/3 only, though should work with symlinking to MyDocs for the roms dir)

Edit: Seems to use pulseaudio by default which tears anything above 100kb, you can get not that bad playback using sdl and lower rate ('-s0 -r22050' seems to work quite ok)