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MAME is a moving target. The developers constantly find better ways to dump ROM chips or discover missing code. Consequently, the file structure of games changes. A ROM that worked on MAME 2010 might not work on MAME 2024 because the emulator now requires a different file naming structure.
Their goal was ambitious: to preserve the history of arcade gaming by making it possible for people to play classic games on modern hardware. After years of hard work, they were close to achieving their dream. mame 2003 reference set
The term targets a specific historical point: MAME is a moving target
Mirko and the MAME team worked meticulously to ensure that each ROM in the reference set was accurate and compatible with the emulator. They spent hours testing each game, identifying and fixing bugs, and optimizing performance. A ROM that worked on MAME 2010 might
To understand the value of MAME 2003, you have to understand what a "Reference Set" actually is.
This is the biggest drawback. MAME 2003 does not know about any arcade game discovered or fixed after 2003.