Totally Unbelievable news ! Its not even 6 months since the first iPhone 3rd Party app, we now have SMS forwarding, MMS, Video Recording, VOIP, Direct to flickR uploads, some awesome themes, NES/GBA Emulation, GPS Capability, and lots of other fun stuffs and NOW we already have a Beta Stage PS1 Emulator !

Check out the Video in action :
http://www.youtube.com/watch?v=zoUlONqxvKQ
Now who wants to debate about iPhone being a useless device !