I've tested it and it's very laggy, won't boot at all.. the BIOS starts and then returns to the PS3 XMB as the BIOS.BIN is required on the ROOT of a USB flash drive, otherwise it will crash back to XMB.
To run Saturn games rename them to GAME.ISO and place them in the root of the USB stick, but be aware this is an early release so expect bugs including crashing and freezing.
As mentioned above, in order to use it you will need to Google for a copy of the Saturn BIOS to run this emulator as it is not included.
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I tried this out and it loaded but with a small square instead of full screen. I then tried to play fifa 97 and it crashed and restarted my ps3. I understand though that this is an early piece of work and am looking forward to the finished version.