It's still a BETA, but I tried it with Ikaruga and it looks pretty good so far.
Download it from here:
http://emudev.com/funstuff/nullDC_100b1_setup.rar
And get the BIOS from here:
http://www.epforums.org/local_links....p&id=2&catid=3
AND MAKE SURE YOU READ THE INCLUDED README FILE.
And finally, a screenshot to prove this is not a April Fools prank: