If you work on phones, you should probably do well on consoles.
Most people do initial testing on emulators, like KEGA Fusion, Gens-kmod, or (my favorite) Gens/GS. Once you have it working on emulators, trying it on real hardware is essential since no emulator is perfect. Running on real hardware will show the actual speed, if there are places you forgot to align the data, and if you are correctly handling the hardware. Speed in particular varies quite a bit from emulator to reality.
For testing on real hardware, you want to use a flash cart. There are two main flash carts people use right now: the Everdrive-MD, and the NeoFlash Myth MD 3-in-1.
Everdrive: Cheapest cart, good for the money. Will run nearly MD or 32X game (and SMS games on a plain MD). Has the most common kind of save ram built in. Comes with an SD card interface. This is what most users get as it's the best buy for the price.
Myth: Most expensive by a long shot, but has the most features. This is actually an adapter to use GBA flash carts on the MD; the menu only supports NeoFlash GBA carts for obvious reasons.

It comes with a 32MByte flash cart, but it's recommended to also pick up the Neo2-SD or Neo2-Pro cart to go with it as those two carts also have an SD card interface. That's part of the reason the Myth is most expensive. The Myth also has the SMS FM chip on it so that you can play SMS games with FM if they support the FM chip (a bunch of Jap games mainly). It also supports every form of save ram, from eeprom to sram/fram. The Myth can also act as a replacement CD BIOS or as a CD BackupRAM cart. It has a USB port for programming via USB, or it can load from SD/SDHC cards if you have the Neo2-SD or Neo2-Pro.
Either cart works fine for testing software. If you want an Everdrive, StoneAgeGamer is a good place to get it with a case, instructions, and box. The bare board can be purchased directly for the cheapest price possible. If you want a Myth, you'll have to buy one from ic2005.com, the only place (just about) that carries NeoFlash stuff. If you just want to run 32X stuff off SD, get the Everdrive. If you have the money and like the extras (especially the SMS FM!), you might consider "investing" in the Myth. NeoFlash just dropped their prices this week, so it's a good time if you are.