PicoDrive is Megadrive / Genesis / Sega CD / Mega CD / 32X / SMS emulator.

Changes:

*Added Caanoo support. Now the GP2X binary supports GP2X F100/F200, Wiz
and Caanoo. Lots of internal refactoring to support this.
*Enabled 32X and SMS code. It’s still unfinished but better release something
now than wait even more (it has been in development for more then a year now
due to various other projects or simply lack of time).
*GP2X: Added basic line-doubling vertical scaling option.
*Changed the way keys are bound, no need to unbind old one any more.
*Handle MP3s with ID3 tags better (some MP3s with ID3 did not lay).
*Improved shadow/hilight color levels.
*Fixed broken cheat support.
*Internal refactoring for 32x/SMS support.
*Move mapper database to external file.
*Added preliminary SMS emulation.
*Added emulation of 32x peripherals including VDP. More work is needed here.
*ARM: Added new SH2 recompiler for 32x. Some unification with SVP one.

http://www.gp32x.com/board/index.php?showtopic=56714&view=findpost&p=918116