The unique selling point of Recade is that it will allow you to legally play '70s, '80s and '90s coin-op titles either locally or online, benefitting from features such as screen filters, voice chat, cloud saves and more.
Free software already provides all of that, provided the ROMS are obtained legally. Many ROMS can be purchased legally directly from Indie game developers. Many others are abandonware. Almost all of the rest are still (for now) available on various game platform app stores.
The idea is to sell the base unit cheaply and then support the platform's growth with a traditional subscription-based business model.
Sounds awful.