Yoshihiro has released SMS PSP V0.5. SMS PSP is a Sega Master system and Gamegear emulator. This emulator is a port of MasterGear, a non-open source emulator. Here is the detail of this release:

Button:
TRIANGLE: used in game to return to the browser and load another game :)
CIRCLE: it's the botton 2 of SMS paddle & GG
CROSS: it's the botton 1 of SMS paddle & GG
START: Pause
SELECT: Sound on or Sound Off

New:
GPU Full screen added for the sms roms
Stretch screen for the GG roms
and some Fixs .

To-Do:
Speed fix at 60FPS with the GPU .
sound fix at 44100 . 80% done
add The sega sg1000 support . 50% done
add the coleco support (it's a clone of the sg1000); 50% done

You can get it from our PSP download section [here].

Thanks for the email, Jim!

Currently, this application/game will only run on PSPs with firmware version 1.0 or 1.50. If you do not know which firmware version your PSP has, or if you need help installing this application/game on your PSP, check our Ultimate FAQ.
If you have a higher firmware version than 1.50 on your PSP, pleas check the information below:
– To downgrade the firmware from a version higher than 1.50, please visit [here].
– If you want to try to run it on a 2.0 PSP, please visit our forum for the latest 2.0 eboot loader [here].