I don't know David's plans. Wasn't the v1.x already a rewrite of the old versions? There are some nasty bugs in several CD games, that's true.
Edit: This sounds not bad:
The new version may be a bit late.
At the moment I'm running a lot of tests on a true PC-Engine to tune the new emulation core but it's taking me more time than I had planned so the release will probably be late of one or two weeks, this should push it to early february