I'm going with the former option, personally, although I wouldn't fault anyone who goes with the latter.
At any rate, the Shenmue-themed Dreamcast console seen in the photo below was produced by the one and only OSKUNK, of course.
A few more photos of this beauty can be seen on OSKUNK's blog, Custom Art, so I highly recommend checking it out if you're a fan of Sega's open-world adventure title (and, really, who isn't?).
See also: Previous OSKUNK posts