Heliophobe updated his site with this changed list to reflect newer update progress:

DONE since first release (v.80)
Fixed vertical screen adjustment (displayed a double image on TV’s)
Fixed up SRAM emulation (Y’s and Desert Speedtrap don’t get screen corruption)
Sound core completely rewritten (no more audio hang or extra speech static)
Added option to exchange buttons
Solved selfboot problem (not really a change to the program, but good to know)
TO DO for the second release (maybe)
VMU Save (options and SRAM) … probably
BIOS emulation
Option to play games at 50hz or 60hz (50hz will seem more natural to Euro SMS players)
Misc. emulation fixes
..and a surprise.
TO DO for third? release
Some spit’n’polishing of the GUI
PAL Support
GG LCD persistance simulation (makes flickering sprites look translucent)
Fix whatever causes Xenon 2 to hang (not just the IM 0 thing I guess)
Emulate zoomed sprite mode (not used by SMS games to my knowledge, but used in GG games a bit)
Saving SRAM to VMU (or else Phantasy Star wont be much fun)
Save options to VMU
Joliet & Rock Ridge (long file name) file system support.
Zip file support (With ZLIB)
To find out more go to the Smeg Website