The Neo Geo MVS, released by SNK in 1990, was a revolutionary arcade system that allowed for near-perfect digitized recreations of popular SNK titles. Its cartridges were expensive and thus less accessible to gamers, leading to a reputation for being a 'rich man's' arcade machine. Despite this, the Neo Geo MVS garnered a significant following and housed some of the most iconic games of all time, including "The King of Fighters" series, "Metal Slug," and "Art of Fighting."
Legally, you can only use NeoRAGEx with ROMs dumped from Neo-Geo cartridges or CDs you personally own. This is often impractical but important for legality.
Emulation itself is legal. The MAME project legally dumps ROMs for preservation but does not distribute them. The “188 fullset” has no preservation value—it’s a pirate collection.