There appears to be another version released today:
http://www.psp-ita.com/?module=fileview&file_id=1683
No drastic changes in performance, as far the Cave/Toaplan games that have been running thus far. HOWEVER, an interesting thing to note this the change in the gamelist file. CPS1/CPS2/Neo Geo support seems to have been dropped.
TAITO games and a slew of other titles are supported now, albeit running very slow (as the Read Me points out). Also, STREET FIGHTER 3 seems to be supported, although a CPS3 text file states: "CAUTION: PSP-2000 only."
Sure enough, most Taito/Atlus/Technos games I've loaded play slowly (Chase HQ, Darius, Darius 2, Blaze On, Growl, Double Dragon 3, Mega Blast, Metal Black, Ninja Kids, Ninja Warriors, Superman, Twin Hawk, WWF Wrestlefest). The only game that ran smoothly is Combatribes.
None of the SF3's would load on my PSP-1001, as expected. They would just stop in the midst of creating the cache. Not freeze, mind you - just stop cold. Pressing the circle button as the text file instructs does nothing for me. Perhaps you Slim users would have more luck??
FBA4PSP seems to be heading in the right direction and relatively quickly, too. Boy, if they could nail CPS3 emulation on this thing...