A new version is out for JPCSP, the Java-based PSP emulator for the PC. JPCSP allows you to play homebrew and commercial games. Although it is compatible with a lot of games, there's no full list of compatible games released just yet - but you can check this thread to see what games others have already tried.

This version fixes a UMD drive issue, though no further details on the implications of the fix were released. Downloader1122 was kind enough to give us the details on the UMD fixes starting from r954. Note though that it doesn't mean they work (thanks dude):

r954 UMD fixes for:

• Fifa Soccer
• FIFA STREET 2
• MVP Baseball
• Need For Speed Most Wanted
• Need For Speed Underground Rivals
• Taiko no Tatsujin Portable
• Tiger Wood PGA Tour
• SSX On Tour
• Shutoku Battle Zone Of Control

r955 attempted fix (actually is broken):

• Castlevania X

r956 UMD fixes for:

• Armored Core Formula Front
• Chessmaster The Art of Learning
• Dungeon Maker: Hunting Ground
• Final Fantasy VII - Crisis Core
• Giren no Yabou Axis no Kyoui
• Gundam Battle Tactics
• Yu-gi-oh GX tag Force

r957 fixes for r955:

• Castlevania X

Download: jpcsp v0.2 revision 955

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Previous version:

• PSP homebrew - jpcsp v0.2 revision 945