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I don’t think that the Raspberry Pi 1 Model B is the ideal Raspberry Pi to emulate PS1 games. I got a Raspberry Pi B+ and i couldn’t even play SNES games with the Super FX chip at a decent frame rate.

With the new Raspberry Pi 2B I could emulate all games (that i tested) on SNES, PS1 and N64 with good frame rate and Decent gameplay.

So i would say if you want to play PS1 games, i would recommend a Raspberry Pi 2B.