That pandora thing looks awesome, never heard of it before, dual analogue sticks on a handheld, if it could handle the sega saturn I'd be very interested.
Probably pushing it with the Saturn, but who knows...
MAME on PSP was diabolically bad when I last tried it. Speed wise it was ok for older stuff, but hideously ugly and nasty to use, and pretty buggy too.
PSP for CPS1/CPS2/MVS/GB/NES/SNES/MD/SMS/PSX is brilliant.