There are some unconfirmed rumors about an upcoming Playstation Portable Emulator… well the feature set looks impressive but unlikely.

Beta Version Feature List:
- Stable PSP Firmware Emulation
- +Laptop/Tablet PC Battery Support
- +2.0 Web Browser Emulation
- +Runs PBP Files(Homebrew)
- +ISO Support(Not At Full Speed)
- +WiFi Support
- +Theme Setup
- +Wallpaper Customisation
- +MP3 and MPEG Support
- +Full Screen Mode
- +Reset,State Save and Power Off.
- +Home Button Support(Includes Home Confirmation Screen)
- +UMD Emulation(.umd files – new file type)*
- +XBOX Version – (Limitations – No WiFi or ISO Support)
- +Linux Version
- +Windows And Mac Versions
- +PSP Drive Emulation(PSP/GAME/ etc.)
- +Extended 3D Rom Support
- +New Project Name:PSPemu (Xbox: PSPemuX)
the beta release is yet to be confirmed.
Source: http://mattfazzer.bl.am/