The long and short of it.
Myself and shiny are working with the R14 code Wally released here. The new build will be called DaedalusX64 (Not my name don't blame me.) It started strong, then got delayed, because shiny got busy and I never coded for PSP(My C++ experience is strictly Windoze). I have since I started gotten R13 to compile in original from (although with minor IDE related problems.). Right now my progress = 0% I'm currently trying to get R14 compiled and the work on the ME support and supporting more microcodes (Read: Same speed as R13 with sound and more playable games.) I will likely run into the same problems StrmnNrm posted about on his blog. When and if I make any improvements, I will release the source along with the binary.
Two things the emu scene has been lacking ever since UltraHLE, transparency (AKA... open source) and interest in the technical side of emulation.(I also plan to comment my changes to the source and keep a development blog.)
Any questions? I can be reached at DaedalusX64.com as can Captain Morgan 4 and Wally.
I am dedicated to this project because of my love for the N64 and it's technical accomplishments. It and the PSX helped pave the way for the modern generation of 3D gaming and what we as gamers expect out of a console gaming system.