I too can't get past the title screen of Wild Arms on my Xperia Play.
I have three issues with FPSE at the moment on my Xperia that I'm curious about:
1) Sound still doesn't work properly. Even with SPU Sync turned on, the sound in games like Final Fantasy 7 is incorrect on certain effects. When Cloud hits an enemy during combat, the sound is *not* correct, it's either getting cut off or garbled. I don't think it's due to framerate issues, as turning on frameskip does NOT fix the issue, and my FPS counter is very close to 60 anyway.
2) It looks like there may be some kind of scaling problem with the graphics - when I boot up Wild Arms the Media Vision logo has a few jaggies in it, rather than being perfectly smooth. There are other places where things have that "improper aspect ratio" look to them - I can provide screenshots if necessary, I can't describe it exactly, but I know quite well what it looks like when I see it - it's kinda an uneven jaggedness, rather than even jaggedness. I can't take screenshots yet due to my phone not being rooted, so it's hard to provide direct examples, perhaps someone else can screenshot this?
3) Are there any plans to get graphics smoothing working better anytime soon? It looks like graphics smoothing is currently all software driven, and I'm pretty certain my Xperia Play is capable of handling graphics smoothing on these games if you enable the GPU acceleration (it's an Adreno 205 graphics chip...), and without some kind of smoothing things (especially UI/fonts in games like FF7) can look a ugly. The Sony emulator has smoothing turned on, so I know the Xperia Play is capable of it with the right tweaks...
Thanks for all the hard work - I'm confident that pretty soon FPSE will be the best PSX emu for any phone anywhere!