Yes, Mega Man Revolution is another one of the seemingly countless Mega Man fan projects modeled after the classic 8-bit NES games. However, this one in particular has been in development since 2002, and it's finally available to download and play via its official website.
You can also listen to and grab the full soundtrack.
Throughout Mega Man Revolution's tumultuous development, the goal was always to accurately emulate the style of the original Mega Man games, including the sprite flickering and slow-down. Effects like that can be toggled, and there's also a co-op mode in the works.
Via Rockman Corner