Heliophobe has updated his site with this update on how his emulator is progressing:

Okay, I said ‘a few days’ about a week and a half ago. Since then I took it upon myself to rewrite the sound engine entirely, which, accurate though it was, was also buggy. Someone even suggested that I map ‘Reset Audio’ to one of the paddle buttons, because it happened so often to them. That was a pretty good sign it needed to be fixed, so it’s fixed. No more audio freezes, no more glitches in speech/sampled sound playback (all games seem perfect in that regard now). Consequently, no more ‘Reset Audio’ menu option, it should no longer be needed.I’ve also gotten a lot of requests for VMU save, and so I’ve started working on that. The next Smeg was supposed to be nothing more than a bugfix, but I think I’ll work it in -if- I find that my attempt is successful. Consequently, the next release will have a private beta period, as enough new code will be added to warrant beta testing.
The Smeg site is here