PPSSPP is making very, very fast progress, new games are starting up daily but currently things are a bit unstable, many games that have worked have broken again. So, I'm planning to allow for a couple of more weeks of breakneck development and then a few days of stabilization before releasing a 0.5. If you're really impatient, you can build your own but it's quite shaky at the moment. But believe me, 0.5 will be worth the wait. Some things to look forward to:
If you're impatient, you can check out some cool screenshots in this thread and elsewhere on the forum. Note that good-looking graphics doesn't mean it's fully playable, but it's always a step forward.
So stay tuned for 0.5 in January, and then later for 0.6 for which I have planned the really big speed boost which will take a lot of work - an ARM JIT - and then possibly multithreading in 0.7. Until then, merry christmas/channukah/festivus/holidays and a happy new year from the quickly growing PPSSPP team!