NJ has released an updated version of his Capcom CPS1 Emulator for the PSP today, updating it to Beta 3. With QJ's resident translator Jeff Chen off duty and only the aid of Babelfish that cannot seem to translate the changelog, I cannot actually tell you what is new in this version. Here it is:

The variety doing, it increases, but speed rises absolutely and it cannot increase. On the other hand whether it went down, (laughing)
Being next, issuing formal edition, it is end.

All I can derive from what's in front of me is that because this is a beta and not a test version, been both compatalbility and speed improvements can be expected. My version of Street Fighter 2: championship Edition ran at full speed with no slowdowns at all, this version should be good to go. From the translation I guess the variety of Roms that can be played has increased in this version, maybe at the expense of speed; or it could be that the variety of supported Roms cannot be increased due to speed restrictions.

NJ has certainly been pushing out these releases quickly in the past few days, with and feel free to try this version to see if you have any speed increases from beta 2 of this emulator.