I have released a new version of my emulator. Initially it was made using D, now it uses C#.
Soywiz's PSP Emulator: New version! Soywiz's Psp Emulator 2012-02-28 (updated)
It allows to run any game or homebrew just calling:
cspspemu.exe <path_to_the_psp_elf_pbp_ or_iso>
It will output to the console the STDOUT as blue and the STDERR as red so it will be very useful for development (instead of copying the game all the time to the PSP).