I just have been able to adapt PCSX CPU recompiler for SH4 by Mark Grilenkov and Dreamcast gets 14fps using our GPU software render for a lot of games. I hope get fullspeed (frameskip0) when we will write a new GPU using PVR hardware aceleration.
DCiberia comments and shows a set of screenshots and a video running PCX4ALL under Dreamcast (register is need it).