Those keen on collecting handheld emulators for the PC (including this nifty Nintendo DS emulator) may be glad to know that homebrew developer Soywiz is working on a PSP emulator, and has in fact released a Proof of Concept for the emulator. Soywiz built the PSP emulator for the PC using a debugger, with D programming language and DFL library.

For now, the emulator can run only a few instructions, but that's a start, yes? If you're interested in keeping tabs on the development of this program, then better prepare a sandwich since the changelog is a pretty long read:

2008/03/01:

• Partial (and buggy) lighting support.
• Some cleanups.
• Starting gui for breakpoints and gpu (not working yet).
• Corrected callstack.
• Some fixes; more homebrew demos supported.
• Temporally skinning broken.
• Temporally shaders disabled.
• Updated binaries.
• Reduced size of the font used in dissasembler and memory viewer.
• Allowing reduce dissasembler window size; now imports won't overlap).
• Initial support of opening files (not working fine yet).
• Threading support currently disabled (I have to fix some issues).
• mstick and reflection demos not supported yet

• Buggy skinning support.
• Implemented guLogic

• Now using shaders (opengl >= 2.0).
• Very fast clut.
• Now I will be able to emulate sprite behaviour (sprite.pbp) with vertex shaders.
• And probably hardware morphing and skining.

• cleanups
• clut support
• y-axis correction.

• more 3d support and more fpu instructions supported
• texture mapping

• Now can run a lot of integer instruction and some of the FP ones.
• Also emulates a little of the GPU with new opengl support and support more library imports.
• Fixed some bugs.
• I found mips specs so it will be more easy to implement cpu (except for allegrex-specific instructions).

• First Attempt (Buggy)