You guys realize psx images are much larger than snes/gensis/n64/whatever roms, right? Legend of dragoon is like 2 gigs.
Anyways arrow, heres my setup:
It works for every game I have. The settings are NEAR perfect. Graphics glitches happen sometimes still, but very rare. The only sound problem I've noticed is Freya repeats random words in the sacred phase in Valkyrie Profile. I've tried everything to fix that but it won't go away.
My setup is also quite good for netplay, since I love to play psx games with my friends. Desyncs still occasionally happen though, if you have a problem with it you could have all parties try turning on frame skipping. Sometimes this can cause it to be a bit choppy for one or more of the players, but the chances of it desyncing like that are almost nonexistant.
Some games, like Lunar(thats the only example I can think of) need you to use one of the special fixes. And some games, like Front Mission 3(again, the only example I have) will desync no matter what I try to do to get around it.