Roor, It works nice! MDECS are perfect (Segu's graphic plugins make it run full speed on my slow computer), exactly as you said, like VGS! XA Audio is quite improved (Background music in some games)
Unfortunately, gameplay is much much slower, and some games (Tarzan, Bugs Life, MGS) have hangups: the first two have a problem after the mdecs. MGS hangs after the startup screen. The earlier version ran it ok.
I'm using Pete's SPU & CDR plugins. Pete's GPU plugins are slow on the MDECS.