I've been toying with a Playstation Portable emulator for the past few months (but only for about 4-5 days a month total). I finally got it rendering graphics now! It supports some basic BIOS routines like file IO, threading, events, timers, controller input, and now basic graphics support. I also have a fully dynamically recompiling CPU that translates the PSP's MIPS instructions in to .NET CIL instructions - I believe it's the first of its kind!
The first thing I got drawing
Framebuffer/mixed support - FPS counter is coming from the app itself using my sceRtc module
pspsdk's controller sample with input from my Xbox360 controller - runs just like on the real PSP
203 million instructions per second in this little speed test - woo!
All plugins are automatically detected and loaded via reflection
Perfect, just 8x slower ;(