GLES Rendering errors:
pcsx -gles is incapable of correctly rendering rocket explosions in Rollcage and Rollcage: Stage II due to a misallocated texture. Both games will slown down to a crawl until the emulator no longer has to process the faulty texture (which are both actually the backgrounds of the loading screens).
The same texture is rendered as a HUD overlay whilst it's raining in RC2 and whilst watching a demo (idle at the main menu) in RC1. The situation in RC1 somehow resolves itself when the countdown ends and the race starts. Rain in RC1 does not cause any rendering issues at all.
A nice comparison shot between software- and GLES-rendering:

GLES screenshots:
OpenGLES rendering is great. I love it. It runs pretty wel with the ARM at 1150MHz and it's even better than Sony's own shot at PS1 emulation;
The PS3's native PS1 emulator doesn't support hardware acceleration and merely upscales the image, making it look extremely blurry and pixelated.

I don't have a PayPal account as the standard in the Netherlands for online payment is iDeal, but I'll make sure to create one soon and send some cash your way for your efforts.

Edit:
Do you guys want me to record a video?