Ced2911, member of the LS-Team, released the first public version of FreePSX: a Playstation1 emulator for homebrew/JTAG 360s.
The GFX emulation is very good for most games, but there are still a few sound problems.
The release includes the full source-code for other developers who may want to help improving FreePSX.

Official Site: By Ced2911 of Team logic-sunrise.com
Download: n/a (built with XDK)