http://shmups.system11.org/viewtopic.php?f=1&t=30659
This is a recently released modification of MAME that runs both Dodonachi: Daioujou and Ketsui (!) without lag, as well as fixing a lot of other STGs. I believe they have Espgaluda working as well, though I haven't tried it yet. All three have been ported to consoles by now, but for people like me who don't have a 360, this is really great.
