Somehow I missed the news that NJ had updated his CPS-1 emulator - again.  In fact, I noticed that this morning when beta 2 was released.  This version fixes some bugs introduced in with the beta 1 release.

Translated from the readme:

beta 2

-Fixed a bug where the controls for length-wise games did not correctly reflect the rotation.
-Added Service Coin and Service Switch to Key Configuration.

News and translation: DCEmu (download and forum thread)

It looks like NJ has updated his CPS-1 emulator already. The second alpha was released a little while ago. According to DCEmu the translated readme is as follows:

It corresponded to the game of QSOUND.
Dip switch inscription of the old game was corrected.
Japanese resource the file was added. Method of using is the same as NGEPSP.

QSOUND processing is light, is. To 22050Hz perhaps it is good. Sprite of the scroll surface does not draw with [panitsushiya]. The pattern where VRAM for sprite is not enough somehow. Next becomes beta, but you think that time is required for adjustment for a while.

If this version is still as good as the last the upcoming beta version should be killer.

Via DCEmu (Download)

NJ, the author of the PSP Neogeo CD and MVS emulators, is at it again! He has release an emulator for Capcom's Play System 1 arcade hardware. This is only an alpha so don't expect too much from it. My quick test of four games (1941.zip, 1941j.zip, strider.zip and unsquad.zip) went off with absolutely no problems. According to the readme QSound doesn't work at the moment but, since it's alpha test NJ might have it implemented in the next version.

Via: DCEmu (Download and Compatibility List)