Ced2911 released a new version of his PS1 emulator using the free/legal libxenon for homebrew/JTAG 360s:
Pcsxr-xenon is a sony playstation 1 emulator using libxenon, based on lastest PCSX-Reloaded source code available.

What's new/fixed:
* Remove ext2/3/4, ntfs support (red screen on some setup)
* Bug fixe on gpu plugin

Official Site/Download: http://libxenon.org