It's easy to say this is fake and have no hopes for it, but then when there finally is a real PSX emu it doesn't make you that happy. That being said, and after seeing Sniper's comments, and shadow's comments, I'm a believer. Some people have been saying that this was done too fast but for me that's not even a factor. It is completely reasonable to keep working on something for months or over a year without releasing anything. These people may have been working on this since the PSP was released. Wraggster also sounds very hopeful about this one
EDIT: And as for the lack of beta testing that people were talking about, I think, if someone has a PS1 emu for PSP and you want beta testers all you need to do is find someone who can shut their mouth or that doesn't know about DCEmu. I'm sure plenty of beta testing was done prior to this announcement, if indeed this is real.
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