Chris and I have both done some good work on improving the speed, while hopefully not reducing the quality too much. We're pretty sure that the PSP's GE (graphics engine) is running as parallel as possible to the CPU, and the CPU never has to wait for it.
Obviously with software rendering, the CPU is the big bottleneck. We found when playing with the PSP's clock speeds that RAM clock speed also has a huge impact on performance.
Hopefully we can get hardware rendering working some time in the future.
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