PSPE progress is quite slow. I'm working on the graphics engine emulation (namely GE) and learning about OpenGL features. My intent is to have a complete accurate and fast emulation of GE using some special features of OpenGL 3/4.X. But those features are quite new and demand more time to master them. Right now, I'm struggling with one feature (transform feedback) which refuses to work with PSPE whereas it perfectly works with a standalone program.
In fact, there is no reason to release a new version of PSPE as long as GE emulation is not advanced enough to allow some commercial games to run. And I fear it may take a long moment until we reach this step.