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I've just tried Pure and Pulse in the PPSSPP emulator - it upscales the game to HD - looks incredible especially the underwater tunnel. All the details here http://www.ppsspp.org/
I got it running as 60FPS with a frameskip of 1 (slows down to about 50FPS if you are near other ships)
But performance will be improved even more later this month apparently.
PPSSPP is really great.
Pure however seems to have had some slight performance issues in the last few versions that I've tried, so hopefully you're right about the improvements coming soon - it's obvious the devs have not completed the emulator by any means, but they have strong support for it and there are big updates still coming out rapidly, in developmental terms.
Pulse, on the other hand, runs flawlessly. The only problem is that you have to disabled buffered rendering with both WO games (still?), which means you can't enable anti-aliasing, but that's a tiny issue at most, really. Still, 60fps and no frameskipping is excellent.
One thing I think is a big emulator related issue is the encrypting of save files - it's enabled by default, and when I updated the emulator, my old save files were incompatible! I can't see why you'd want to encrypt your save files personally, so the safest option is to keep it disabled IMO.
Not to revive a dead horse and beat it back down on a thread nearly 8 years old, but I thought you guys would like to know that anti-aliasing and other post-processing effects seem to be working great for Pure if you weren't already aware:
https://youtu.be/nz2Uw_J0g5U