It is currently receiving an overhaul to its R3000A core. The new core, named i3000, is actually two cores in one. It includes an interpretive core for maximum compatibility and reliability, plus a dynamic recompiling core for maximum speed. The interpretive core is completetly new to pex. The recompiling core contains many improvements in stability, debugability, performance, and reliability over the core in the current release. i3000 is based on my ongoing experiences with recompiling cores, and should become mature into one of the fastest CPU emulators ever written while maintaining a high level of stability. Additionally, i3000 is being designed as a modularly as possible, meaning that other emulators could readily incorporate it into their design.
Also in the works for pex are graphics. No matter how good the R3000A core is, it'll never be a psx-emu without graphics. Some of the intially GPU emulation has started, although no results (actual graphics) have been achieved yet.
Preliminary planning has also started for the GTE, although no implementation is planned until after the CPU and GPU are more mature.
As usual with emualtors, the sound will come last.
On not-quite-pex-related-but-almost-pex-related-news, go check out the MIPSer (MIPS emulation resource) project I have started. Go ahead. Also, be sure to check the main [sr] page for other new stuff.
