http://www.sst.com/products....T89E516RD2 mentions 3 emulators: Metalink, Brendes and Phyton.

I am not sure Metalink is the most $ - according to what's on the websites, both Metalink and Phyton appears to be in the $2000 range. I know nothing on the features of none of the above nor thier software, except what is on their website. Brendes appears to modify the code (i.e. it's non-non-intrusive ;-) ) and they don't tell the price. The american Phyton site denies the company's origin, if that matters to you (there are people for whom this matters, and I am not going to argue).

There appear to be low-cost far-eastern P89V51RD2 emulators around, but I don't understand much of their lanuguage.

If you have Keil, SoftICE is free (except its limitations). Is it not a viable option for you?

JW