There are also images floating around of a SNES emulator for PSP from the same author, that might be available soon. Apparently it's a Snes9x port.
Btw, new PSP UMD games will do a firmware check, so if you are using the v1.0 for the exploit, you'll be forced to update to play the newer ones. So emulators & others homebrew apps would need another way to run on v.1.5 and up firmware.