So DS has two processors. Oh no impossible.... No wait there is a huge problem. Comercial developers are not allowed to write custom code for the arm7 (unless nintendo is letting a few devs do something nobody else is allowed to).
Most of the arm7 functions could posibly be replaced with extensive HLE leaving only the arm9 to need emulation. Sure thats still a real beefy part to handle but still realistly could be done at an fps above 30fps.
The fact a not well optimised PC emu already plays a few games at 4fps on the psp is impressive to me. I remember back when all I got was a simple n64 fire demo running at 4-8fps.
Something i'm currious about this emu is few things
1) It's strange all games run at an almost equal fps. Second there is never an issue of screen teering. I think posibly SDL is causing vsyncs
2) Going with the above part, I wonder if some speed hacks might be posible (like stoping the cpu from emulating all the cycles caused by the code waiting on a vblank to trigger)
3) Should try modding the code to use the PSP to render the framebuffer and not using a off screen buffer (could see a performance boost).
I am not saying either would result in a marginal boost but I do find it odd a simple 2D game runs at the same FPS as a more complex 2D game.
-edit-
I forgot to note, I'm a geek. Even seeing the DS run on the PSP at 4FPS was great for me. I look forward to the day i see a saturn game boot on the PSP at 1-5fps. :P