Can somebody give us a general overview of the emulator as it stands, the website is painfully outdated. =(
I've only got a few PSP games to test, but from my experience (i5):
* Install and config are no problem
* Games tend to start up fine
* Sound and cut-scenes play without a problem, maybe dropping a frame here and there.
* Games look good out of the box, odd artefacts here and there but nothing too bad
* Can bump things up to say 1080p and 8xAA and a lot of PSP games look extremely good
* If not much is happening, emulator runs fine and gets a decent 30fps.
* When you start playing, and hit something with geometry, you are going to get down around 10fps and it will be extremely choppy.
* Mapping camera controls to say the right stick on a PS3 pad makes games like BBS so much better
* You can export and import textures and export 3D models, this is new but nifty.
* Development seems to be very active and things are moving fast. However the stable version is a long way behind and the daily build may or may not be a good one.
Playable: Valkyria Chronicles 2 (seems near perfect but have not gone through a whole lot yet)
Not really playable: Third Birthday, BBS, P3P (all fall down in action. BBS maybe does a little better than the others).
Summary? If you have some PSP games around, worth a go if only for the better graphics and control. Just don't expect playable performance yet on most games when the action ramps up, unless you have a real ninja PC (?). Development seems far from stable, but it is certainly something to keep an eye on.