Today, we have some exciting news regarding emulators for iOS. This is not an emulator associated with Nintendo, rather, its the first PSP emulator ever seen on an iOS Device. PPSSPP, a work in progress, fully plays PSP games at 60 FPS on both Android and iOS.
JIT(Dynarec), according to the developer, is the reason PPSSPP runs smooth on both iOS and Android. JIT is functional on Android and iOS, previously JIT was not functional on iOS, but now, games run smooth on both devices. There is still work to be done, and there are still various bugs including buttons getting stuck.
In the video link below, the developer is playing Wipeout on an iPad 4. A recent update fixed lag issues on iOS Devices.
As this is a work in progress, do not expect outstanding performance yet. To get the beta on iOS, you need a jailbroken device, and this source: http://cydia.myrepospace.com/theavenger