Here's whatsnew:

"- added a cheat engine
- added IPS patch support for ROMs
- fixed a bug in the SPTI CD-ROM driver
- fixed a memory bug that could crash the emulator
- rewrote the CD-ROM driver, now both SPTI and ASPI
are supported at the same time allowing more drives
to be recognized
- added a new option '[cdrom] driver' in the pce.ini file
to select the CD-ROM driver (SPTI/ASPI)
- added a command line option to directly start a CD game :
'pce.exe -cd' or 'pce.exe -cd:E'
- improved the 'boot CD' menu, games titles are now
displayed directly in the menu when a game is recognized
- added an eject button in the 'boot CD' menu
- added a quick setup window that appears the first time
you run the emulator
- improved program startup, the emulator will now starts
directly in the selected screen mode, it won't display
a blank startup window anymore
- implemented the 'options' panel in the 'load ROM' window
- added a drop-down list in the 'load ROM' window to quickly
select a drive
- added predefined configurations to the keyboard config panel
- added more options in the gamepad/keyboard misc config menu
- fixed a bug in the gamepad config panel, the list of buttons
was sometimes uncomplete
- added a new 'PC-Engine' config menu to configure
the PC-Engine hardware
- added an 'extended_resolutions' option to enable back
the extra PCE video modes (320/352)
- added an 'overscan' option to select the vertical overscan
- added a screen ratio option (4/3, 3/2, fullscreen)
- added options in the pce.ini file to customize
the scanlines patterns
- added back custom resolution options in the pce.ini file :
'res_256', 'res320', 'res_336', 'res_352', and 'res_512'
- added more resolution choices for the fullscreen mode,
including low resolutions
- added new options in the pce.ini file to filter
screen resolutions based on size and depth
- added 16-bit video mode support
- added a triple buffering option '[video] triple_buffer'
in the pce.ini file (DirectX only feature)
- added two sets of video settings in the 'video' config panel,
one for windowed mode and one for fullscreen modes
- added a 'GUI' menu to configure a few GUI options
- added a language option (English, French, Japanese)
- added back the 'compress_state_file' option to
enable/disable state files compression
- fixed a bug in the PCX loader
- fixed Ys I&II freezing bug in MagicSystem
- fixed Ys IV ending bug in MagicSystem"

*NOTE: The demo is limited in time, everything is fully fonctionnal, but after 5 minutes the game you are playing will be frozen. You can reset it to start again or you can load another game, but you can not play to a game more than 5 minutes.

However there's a little trick. If you save a game, reloading it will reset the time limit, so if every 4-minute or so you save the game and reload it immediately, you will be able to play to the same game for more than 5 minutes.

Get it here:
http://www.magicengine.com/uk_download_main.html

-Trebor