I'm having probs with snapshots.
I put the new Frodo on my existing SMC (over-writing the old frodo release) and snapshots just didn't work.
I put Frodo on a new SMC with a few games, and it worked a treat, so I copied all the roms from my old SMC and it still worked great. I'd turn it off, play later in the day and my snapshots were still there.
The next day, however, I went to load up a snapshot and they were all gone, and I returned to the problem I had initially - I couldn't save any snapshots - it would say the snapshot was there until I turned the GP32 off (although I couldn't load them) and then it all disappeared on reboot.
Weird, but the snapshots did work great for a while!