The team behind ePSXe posted a message on their about the current status of the next version. After a hiatus of no less than 4 years, not only the project is not dead, but the following 1.7 version will features a pretty significant number of fixes and improvements.
From the ePSXe
website:
"It has been a long time since the previous ePSXe status update. During this time the ePSXe development has been on hold and our lives have changed a lot, probably just like yours. In summer 2007 we decided to continue working in ePSXe encouraged by the users support even after 4 years without updates. ePSXe is currently in final testing and we hope to release a new version very soon. We wanted to thank you for your support and show you some screenshots from games that should work better in the next release."
Click on the picture for a bigger version.