Another Sega CD and Mega Drive /  emulator has been released today for the Playstation Portable. This one is by Homebrew developer Notaz. He has quoted that most Genesis / Mega Drive games will run at full speed, Sega CD emulator is some what slow but can be improved with the frame skip feature.

This is yet another Megadrive / Genesis emulator for PSP, but with
Sega CD / Mega CD support. Although it has been originally written having
ARM CPU based devices in mind, it has now been ported to PSP too, by
replacing ARM specific parts with portable C code.
The base code originates from Dave’s (fdave, finalburn) PicoDrive 0.30 for
Pocket PC. The Sega/Mega CD code is roughly based on Stephane Dallongeville’s
Gens.

• Download: PicoDrive SEGA CD and MegaDrive Emulator V135

Source: DcEmu.co.uk