Necro bumping this thread because I've just started doing it and it makes an incredible difference. Putting together a list of confirmed working/non-working because I like lists. If you have anything to add please post. These are confirmed by myself and others in the thread with no other sources and that's why not all regions are listed. I'm going to be trying a bunch myself so I'll update it when I can.
Working:
Arcana Heart 2 (intro not working, just press "O" button to pass)
Beyond Good & Evil (NTSC-U)
Capcom Classic Collection (USA)
Capcom Classic Collection 2 (USA)
Garou Mark of the Wolves (JPN)
Gigawing Generations (JPN)
Gradius V (USA) (Skip intro or it will crash)
Guilty Gear XX Slash
Guilty Gear Accent Core Plus
Hokuto no Ken (JPN)
Homura (NTSC-J)
Ibara (JPN)
King of Fighters XI (JPN/USA)
King of Fighters '98 Ultimate Match (JPN)
King of Fighters 00/01 (US)
King of Fighters Orochi Saga (US)
King of Fighters 2002 Unlimited Match (JPN)
King of Fighters 2003 (US)
King of Fighters Neowave (JP)
Matrimelee
Metal Slug 3 (NTSC-J)
Metal Slug 4 (US)
Metal Slug 5 (US)
Metal Slug Complete (JPN)
Mushihimesama (JPN)
Neo Geo Battle Coliseum (NSTC-U)
Nights into dreams (J)
Ocean Commander (Eur)
Odin Sphere (NTSC-U)
Okami (NTSC-U)
Panzer Dragoon (NTSC-U)
Radirgy (NTSC-J)
Raiden III (JPN/PAL)
Rez (NTSC-U)
Scaler (U)
Sega Ages: Dynamite Deka (J)
Shikigami no Shiro II (JPN)
Shin Gouketuji Ichizoku - Bonnou Kaihou (J)
SNK Arcade Collection (USA)
SNK Collection Vol. 1 (JPN)
Space Invaders Anniversary (PAL)
SVC Chaos (NTSC-J) works but top of the screen is glitchy
Thunder Force VI (JPN)
Triggerheart Exelica Enhanced (J)
Trizeal (JPN)
Twinkle Star Sprites (NTSC-J) works but 1/4 of screen is shifted downward
XII Stag (NTSC-J/PAL)
Not Working:
Capcom Vs SNK 2 (NTSC-U)
Castle Shikigami 2 (US)
Cho Aniki (NTSC-J)
Front Mission 5 (NTSC-J)
Gekka no Kenshi 2 in 1 (JPN)
Gradius III & IV (NTSC-U)
Gradius V (JPN)
Gunbird SE (PAL)
Hyper Street Fighter II (JPN)
Marvel Vs Capcom 2 NTSC-U)
Mega Man Anniversary Collection (US)
Mr. Mosquito (NSTC-U)
Psyvariar (PAL)
Psikyo Shooting Collection 2 (JPN)
Psikyo Shooting Collection 3 (JPN)
R-Type FINAL (NTSC/J)
Samurai Aces (PAL)
Samurai Spirits Rokuban Shobu (JPN)
Samurai Tenkaichi
Sengoku Basara X
Shienryu Double Pack (JPN)
Street Fighter III Third Strike (JPN)
Street Fighter Anniversary Collection (US)
Street Fighter Zero Fighter's Generations (JPN)
Sunsoft Collection (NTSC-J)
Taito Memories I & II (JPN)
Vampire: Darstalker's Collection (JPN)
World Heroes Gorgeous (JPN)
EDIT: I just made a thread, hopefully it will get more people on board -
viewtopic.php?f=6&t=61532