Windows Mobile users have been enjoying smooth PS1 emulation for a while now, while Android users are stuck with PSX4DROID(v2) which is notoriously buggy, and whose developer charges for updates. Developer Schtruck has promised Android support for his rock-solid emulator in "a few days."
It comes after these videos hit YouTube a few days ago:
The emulator, which the developer has been working on for years has the tested support of 342 PS1 games, including multi-disc titles and numerous game pad overlays with (expected) bluetooth controller support.
Full list of supported titles here
PSX4DROID has desperately needed competition since it's launch on the Android Market. Seeing very few bug-fixes and compatibility updates, Android users have been avoiding it for years, all while Windows Mobile users have been quietly enjoying FPseCE on their HD2's and TG-01's.
Developer Website: FPSeCe