So, I was just looking at NJ's page, because I'm really psyched about his CPS1 project, and of course I had the hope that he might put his talents toward a CPS2 emulator someday, but unfortunatley he basically had this to say.
1. Programming for CPS1 is much more difficult than programming for the NeoGeo. As it turns out the PSP is much better suited for Neo emulation.
2. CPS1 sound eats up a ton of memory. Although it's in Mono it has 7 channels prove to be a large burden on the emulator.
Now the super sad news.
1. Right now he has no intention whatsoever to work on CPS2. Although there is plenty of documentation and making one wouldn't be difficult, because of the encryption high speed fetch on the C68 core won't work anymore like it does on the Neogeo. To give you an example of what this means, neogeo speeds now would be halved to 30fps, and CPS2 would most likely only run at 10fps.
This really sucks, really really bad. I so wanted to play Aliens vs. Predator and Pocket Fighter on my PSP, but hey CPS1 is cool too, and maybe he'll find a way around it somehow, or make a cool Sega System-16, 18, 24, or 32 emulator:D