Short Waves 0.0.1: new PS3 emulator from InoriRus

Successful dynamic recompilation requires one simple thing: optimization. PowerPC 64 and x86 are completely different architectures. There is no way to efficiently map registers and instructions on-the-fly to make produced code faster than interpreter. You need to write good optimizer. And this is the task comparable with developing a real compiler. With static approach you can use some real compiler: for example, gcc, as it's done in short waves.
And by the way, all those samples works such high speed without recompiling - it is just a single interpreter. A manual on how to use recompilation will be available later.