I did a quick test...
the CPS1 and CPS2 games seem to work very well, full speed and without glitches (the horizontal resolution has a little resizing, but it's normal because the original arcade resolution is 384x224 pixels).
The SEGA System16 games have many issues and slow down, for example in Altered Beast, when the player defeats the first enemies, they don't disappear from the screen and the background stops to scroll.
I tried some SEGA "Pre" and X Board games: Outrun and Super Hang On work pretty well, After Burner works but it's slow, Enduro Racer doesn't work (after the title screen the game freezes).
I tried also Gunbird and I was glad to verify that it works well (without slow down and/or glitches)... if I remember well this game uses a Psikyo 68020 hardware which should be more powerful than a CPS2 hardware !
UPDATE (I tried some other games)
Irem M72 games (like Hammerin' Harry and R-type) works, but they run very slow (probably the emulation of CPU V30 needs a big optimization).
Taito Arkanoid, Bubble Bobble and Rastan work well (full speed and without glitches), Taito Chase HQ works a bit slow, but it's fully playable.
Capcom Ghosts'n Goblins and Ghouls'n Ghost work well.
Wonderboy and Pitfall II (SEGA System 1 hardware) work well.