I could see myself using this PSX Emulation PSX4Droid Lite http://www.appbrain.com/app/psx4droi...zodttd.psxlite and it seems to run quite smoothly on the Motorola Droid X which has very similar hardware to the Archos 43.
It seems to run just fine here is good demonstration http://www.youtube.com/watch?v=a3r0sKROSsE
the app is a work in progress, but I think performance should improve with Android 2.2.