Supermodel is a new Sega Model 3 emulator that is reported to play SW Trilogy Arcade "mostly good with some large problems". An early alpha version has been released, and there's no sound support. I've tried it and although there are minor graphics glitches, it is playable, even on my slow-ish PC.
Looks very promising, emulation is much more advanced than the last time I tried it on MAME.