Sony got Connextic Virtual Game Station shut down, as it balantently reverse enginerred the code that the PSX used. That was about the single best PSX emu out there though.
Main point and biggest fact has already been made. These projects are not financed in any way, anytime the people behind the project ask for donations they get shunned upon. People have real lives that require income and cant spend all live long day plugging on your next great emu if they have no money to pay the electic bill.