PPSSPP is a PSP emulator that looks quite amazing. Yes, the framerate is slow, but that’s to be expected for an early build of a hardware emulator. The fact that this is running a PSP game (Wipeout Pure), and it looks almost exactly like it does on the PSP, is pretty incredible.
According to the audible YouTube commentary, the emulator is running so slow, because it’s using interpreter instead of Just In Time compilation (JIT), which would increase performance significantly. If the developer, Henrik Rydgard of Dolphin Emulator fame, and the rest of the development community can solve this issue, then we’ll have a pretty solid PSP emulator on our hands.