Zodttd (via Gizmodo) whets our appetites for iPhone 3GS jailbreaks to come:

I now have psx4iphone running very speedy on the 3GS. It’s at the point where Final Fantasy 7 is fullspeed at very least without sound. The build is rough around the edges, as you can’t switch games without restarting the emulator, and only memory card saves are currently working, no save states just yet. Both these issues are being worked on.

For those not into the jailbreak scene, that also whets our appetite for higher-end gaming to come as well...