Game tested using rpcs3-v0.0.3-2017-07-25-ff772dd2_win64 on an i7 4770K @ 3.5 GHz, GTX 1070, 16 GB DDR3 running Windows 10-64 with the following settings:
PPU decoder: Recompiler (LLVM)
SPU decoder: Recompiler (ASMJIT)
Load liblv2.sprx only
GPU settings: OpenGL; Vulkan @ 1280x720 w/ VSync, Frame limit set to 60
Audio settings: XAudio2
Input/Output: DualShock 4
Goes ingame at ~20-30 fps on Vulkan, ~15-20 fps on OpenGL. With Vulkan (screenshots #1-5), effects are a bit hit and miss. Some work fine, some are blackened out. OpenGL (screenshots #6-8) looks a lot better, no black boxes here, just some very short freezes when the game is about to display a complex effect. Both renderers have common issues such as the green backgrounds around grass that should be transparent.
Unlike digitaldude, I don't get any sound issues, it works just fine.
I'd say this should be Ingame for now, maybe even Playable, at least with OpenGL. The low FPS are annoying for a game like this but someone with a faster CPU than me might get acceptable results.
