Firmware 1.3 is now available. This was a big firmware update. It fixed different HDMI issues, Audio glitches and resolution bugs in games. Evercade's emulator is now able to handle large title games such as PS1 games.
The firmware does get a rid of the well known Top Racer Glitch. The emulator was fixed from this update for handling large game files such as PS1 games. The firmware update added new features such as critical battery alert, fixes bad save states, better handling of vertical overscan cropping on handheld mode for all games, added new max brightness setting and other features I didn't mention.