The Jpcsp Team have released a new build of the PSP Emulator for Windows written in Java. The Emulator does play many commercial games.
Heres whats new:
r1110 Implemented sceUtilitySavedataInitStart mode 15. Tested using SavedataTool
r1109 Fixed interpretation of 2D coordinates as float values (tested on PSP).
r1108 VideoEngine: fixed BONE reading & handling.