"Good" is a relative term. The M33 CFWs are unblameable, so you can assume by default that PS1 games run great. Not all run flawlessly (f.e. if a game used redbook audio, you're gonna see some serious sound glitching and/or overall slowdowns - which iffs me much, because X-COM ain't good without musick), and if a game wholly depends on analog sticks, you're screwed (the official emulator reserves the analog stick of the PSP for emulation of R2, L2 and R2+L2), but still at the end of the day, you get MGS1, Silent Hill 1, and a lot of other good old stuff lying around in your attic or what-have-you, on the go
