Version 0.1.2 was just released for Beta Testers and I can say we're at a "Playable" stage now !
GTA for all intents and purposes is playable. I got into a semi and ran over a line of school children outside a museum. It was utterly beautiful...
Tekken 3 runs faster than the video thats being shown around as well. I did Paul Phoenix' 10 Hit combo last night and it worked pretty well. Funny thing here is, it runs about as fast as the GBA version of Tekken, which coincidentally runs well on gpsPhone (gba emulator for iPhone).
I'm not sure when this beta will go public, but if there was a version to look out for, this is the one. Many people are reporting speeds between 50-90% on a lot of the popular Final Fantasy games and tactics games.