FPse for Android , the "fastest and the most compatible PSone emulator for handled devices", is now avaliable in the Android Market. This app lets you load up your PS1 games and play them on your Android-powered smartphone or tablet. According to its developer FPse is very fast and compatible with a wide-variety of devices.
Sound quality should be great and it even allows emulation of audio tracks (using a .cue file). Various controls and features of your Android are supported, including force feedback, analog sticks (by sliding on the screen), orientation sensor, and hardware keys.
This version adds new game image formats, including: .img .iso .bin .cue .nrg and .Z formats.
If you're a PS1 gamer, this emulator is the best we've seen. Give it a try and let us know what you think!