About three days ago SsJVasto offered to contribute to the project. So now we are three people on the project: SsJVasto, archanox and me. Due to the free limitations of bitbucket, we decided to continue the work directly on github, and maybe we will change the name of the emulator when we have settled a new name (with collaborators "soywiz's psp emulator" doesn't have much much sense anymore).
I will continue with ILCC until I get ffmpeg compiling directly into .NET in a really portable fashion without wrappers, then I will hook it into the emulator and then I will continue working on the emulator :)
And that's the current status.