Homebrew emulation for the PSP is a thriving scene but the problem with most systems more complex than an NES is that the emulation is slow. Normally it's a direct port from a Linux/Windows open source project to the PSP. Difference being how they're built.
There is definitely some horsepower under the hood of the PSP. Sony has written a near perfect emulator of the PS1 that runs at full speed. I'm trying to imagine that the SNES should be able to attain full speed as well.
There may be a couple logical fallacies there as the PS1 is not a SNES and the PSP's hardware may be better suited to handle the PS1's architecture. Maybe it's just a simulator that does a damn good job of recreating the original PS1 hardware functionality. Who knows (outside of Sony?)
Regardless I want to make a faster SNES emulator. I have thought of a number of solutions but I have no idea how feasible or realistic they are. Basically it would be best to start with an open source project and modify components of it to perform better on the native PSP hardware. Forgive my ignorance on the topic but indulge me if you would.
The thoughts in order of no import:
1. Dynarec, baby. How hard would it be to take something like ZSNES and put a dynarec at its core?
2. Inject assembly in key areas. Find areas of commonly executed code and speed them up with assembly.
3. Ummm, there is no 3.