This is a bugfix release only, don't expect any speed improvements. It also has a few new features.
SVP emulation is working, but it's unplayable (too slow), because dynarec is not implemented (it needs too much work, and I want to work on something else, again). The dynarec from GP2X version is not suitable, because it's ARM only and non-portable.
Full changelog below:
Fixed sprite masking code. Thanks to Lordus for explaining how it works.
Added "disable sprite limit" option.
Added black level adjustment to display options.
Changed reset to act as 'soft' reset.
Added detection for Puggsy (it doesn't really have sram).
Some small timing adjustments.
Added support for SVP (Sega Virtua Processor) to emulate Virtua Racing. No recompiler for PSP version though.
Changed config file format, files are now human-readable. Game specific configs are now held in single file (but old game config files are still read when new one is missing).
Fixed a bug where some key combos didn't work as expected.
Adjusted fast renderer to work with more games, including VR.
Fixed a problem where SegaCD RAM cart data was getting lost on reset.
PicoDrive now comes with a game config file for some games which need special settings, so they should now work out-of-the-box. More games will be added with later updates.