The last release was over a month ago, but believe me, it´s been worth the wait! PPSSPP 0.5 brings large compatibility improvements, much better audio, many graphics fixes, savegames working in many games, and save states too! All of this available for both Android and Windows, with more ports coming soon.

In this release we also make available the PPSSPP Gold version, which is a paid version with a golden icon but otherwise identical to the main release. If you want to support the development of PPSSPP, a great way is to buy PPSSPP Gold. Currently only available for Android.

Now, stay tuned for v0.6, for which I have planned to write a dynarec (JIT) for ARM, which will improve speed on Android.

Playable
Dragon Ball: Evolution
Playable! Some fonts broken.

Ridge Racer 2
Playable! Graphics and camera issues.

Project Diva 2: Extend
Playable! Some fonts broken.

BlazBlue
Playable, audio is broken. Slow on Android.

Fate Extra
Playable, although of course audio problems and no saving, plus some graphics glitches.

Fired Up
Playable, with large graphics issues.

Every Extend Extra

Knights in the Nightmare
Playable

Moto GP
Graphics are now much better! Works pretty well but is very power demanding, not really playable on Android yet.

Lumines
Only audio is broken now, and it crashes after a while.

Puzzle Quest
Quite playable, no audio.

Puzzle Bobble Deluxe

Puyo Puyo Fever

In-game
Obscure - The Aftermath

Lemmings
The lemmings themselves are invisible!

Angry Birds
Graphics problems and control problems.

Tales of Eternia
Very buggy but goes in-game.

AI Go
Can make one move, then it hangs.

Star Soldier
Borderline playable, runs out of memory after a while.

Blokus
You can walk around in the house and talk to people.

Title Screen / Something moves

Gran Turismo

Loco Roco 2

Breath of Fire
Very broken title screen

PQ - Practical Intelligence Quotient
Some broken menus

Ridge Racer
The "loading game" kind of works, sometimes!

Wipeout Pure
"Sony Presents"...

Harvest Moon Boy & Girl
Title screen

Many, many more

See the forums and wiki for more.
Android Device Compatibility

PPSSPP should work on all modern Android devices. It´s been confirmed to run on the following:
Nexus One (the slow GPU will probably be a problem later)
Nexus S
Nexus 7
Galaxy Nexus
Galaxy S2
Galaxy S3
Xperia Play
Asus Transformer
Ainol Novo7 Advanced II