Just tried this cool thing too. Works for me.
I get around 30fps in most games (that works :)). Too bad many of them have problems, some have graphic glitches, others crash while playing a while. If I change the screen size to the smaller one (F3 or something) I get 60fps. My computer is an old 1.6Ghz.. something... 1gig memory, sucky gfx card... a laptop.
Hope this program will get better, as it is now it's not that good as it can't play ANY game I've tried perfectly... so the new PSP Slim might be a considerable choice as their tv out probably works flawlessly.