Yeah the latest release (test version 5) runs quite well at frame Skip 2, almost full speed, a bit of slow down here and there but not bad.
Street Fighter Alpha is full speed but Street Fighter alpha 3 has slowdown.
The Shooters and Such are full speed.
There is also a CPS1 emulator which is full speed.
Its about the best thing out on the PSP right now, apart from Tekken!
Steve.