Oh yes, after month of developing LDChen (main coder of fpse) and Schtruck(IPAQ porting of fpse) are releasing a porting of fpse for ipaq. Detalied information at
http://fpsearm.psxfanatics.com/.
If you go in the forum you can see that schtruck will release the emulator soon very soon. I suggest to read Spotlight on LdChen on
www.efx2.com. There you can find detalied information about fpse. It seem that the new release have a very very good dynarec. LdChen state that it go two time fast than the previous version. This allowed the portin on ipaq. Seems that the version 0.10 of fpse on ipaq runs gt2 at full speed (nearly, only 2-3 fps less).
Byez Andrea