More like an ePSXeCutor in simple mode
The easy interface hides all options which confuse beginners so they only need to select some basic stuff.
The profile option is *very* hard to program, as I don't want to have to update the tool every time a new plugin is out ... but I'm sure I'll figure that out somehow as well
As for the release date, I guess it'll come out together or shortly after the next ePSXe version.