I've released version 3, which fixes the embarassing classic controller problem and some other issues. I simply went and bought one and tested it, and not everything worked as I thought :-) (Thanks also to the various people who reported problems with the classic controller)
A note about the speed: I've fiddled a bit more with that here, and the issue is (obviously) not that the Wii is too slow to emulate a C64. I think SDL_GetTicks() and/or SDL_Delay() behaves strange somehow, so I've replaced that particular part of the implementation. Speed is also configurable now.
More on
http://wiibrew.org/wiki/Frodo as usual.
No need to do an announcement for this one. :-)