If you saw the commercially available Arduino-based retro games console we featured yesterday, but wanted to make your own from scratch, Darren Yates from APCmag has created a tutorial on how to do it with an Arduino Uno, a few simple components, and the Hackvision library. The total cost is about the same, but if you have your own Arduino, you can build your own for half the price, including an old-school style controller and a case.
It's a pretty simple affair, and improves on the Hackvision design as the Arduino has a USB cable so you can easily upload your own code.
Darren details the entire build, including schematics and source code, so there's no reason to not have a go!