I've just had a quick look at it. The frame rate doesn't seem to have changed since the first version from what I can tell. I got about 6 frames a second in Super Mario, which is how it's been since version 1. This version has a 'save' folder, into which it seems to have written a .SRM file. I don't think version 2 did that but I may be wrong. It also seems to have skins directories, but I've not played with those. I guess speed is still on the 'to do' list.
I tried SMB3 in the NES emulator. It looks good, but a little slow.
To the people working out how to install it: The readme.txt stops being in english once you get past the filename! But the install was pretty easy. I just copied the whole directory from the zip file onto my SD card, and put some .NES and some .SMC files into the 'roms' directory.