From what I understand, it's not so much a case of which system is more complex. Slow SNES emulation on PSP is more due to the fact that the emulator being used is a PC-to-PSP port. In contrast, Picodrive PSP is ported from another handheld platform (I think gp2x, but don't quote me on it) and as such is more suited to the PSP than if it were a port of Gens or something like that.
But for the record, I would say that Genesis/Megadrive emulation is more complex than SNES, if only because it amounts to basically emulating two systems at the same time.
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