Elsemi has updated his test version.
"New features emulated:
Palette fadein/out
Sean stage special tile compression
Proper sprite/tilemap alignment
Proper priority handling

The CPS3 emulation is almost complete. Only the shadow/blending
emulation is missing. There is a preliminary emulation for it
that works partially with the shadows, but is not correct in some
other places (warzard sword effects for example)."

Grab it here :

http://nebula.emulatronia.com/