Ok so I've only tried it in Castlevania Symphony of the Night since it's the only game I want to play. x)
But the sound is stuttering and overall pretty crappy when using the Frame Limiter, but the second you turn it off, it's all fine!
It's really bugging the hell out of me... At first I was like "Oh well, the game runs almost perfect with the Frame Limiter off anyways, I'll just keep it off" but it's really REALLY messing up at some places. :S
Oh and I'm using an Xperia Play if that matters, but I think it's more an issue of the emulator limiting the FPS incorrectly (and not phone related)
Later versions of the Emulator seems even worse when it comes to this issue!
And while we're at it... Why's there no FPS count you enable?! D: