PPSSPP Just as you have expected, PSP emulation is not actually ready for prime time yet (playing games at full speed with sound and no frame skipping) but you can see that the progress it has undergone so far is rather impressive, most especially performance wise. PPSSPP has the ability to play a few commercial games but we have witnessed it getting some really impressive speeds on Androids that are high-end. We can’t say that it is the ideal way of experiencing games, well at least not as of this time,
PSP Emulation is growing every day, and PSPE is a perfect prove of that, even though this emulator still can't run any commercial PSP game, you can try it by playing some demos and homebrew games.
It is important to remember that this emulator is the first of its kind, but after all we are expecting more updates for this project and why not more PSP emulators.
PSP ROMs • PlayStation Portable Roms » PS Vita
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PSP Emulator « PSPemu®
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PSP ISOs • PlayStation Game Copy®