Zx-81 seems to be rolling out the updates, as he releases an update to PSPColem. The ColecoVision Emulator for PSP. Version 1.2.1 brings many changes, including improved emulation. Now runs at 60fps at only 133 Mhz. New background music, graphics and added auto-fire support. See below for the full changelog and download link.
* Improve emulation [...]

Zx-81’s release of his ColecoVision PSP emulator PSPColem. This release is possibly the final PSPColem release as it now running perfect with cheat support.
Latest version 1.2.1 – 12th May 2009
Changelog:
* Improve emulation speed (now 60 fps at 133 Mhz !)
* Default speed is now 133 Mhz for green emulation (but you may [...]

Zx-81 has updated two of his PSP Emulators today PSPColem (ColecoVision emulator) and PSPAtari (800, 800XL, 130XE and 5200 Atari model emulator)

PSPAtari v1.1.3 changelog:
What’s new in version 1.1.3 :
- fix issue with NTSC colors (thanks to carpy)
- bug fix with vsync option
- bug fix with pal/ntsc video system change

PSPColem v1.1.1 changelog:
* [...]