PT 0.5 definitely seems a step above the previous releases: I've only used it to play T2K to any extent, but the frame rate is faster on my machine.
VJag seems to run more stuff and get further in some other ROMs, but the frame rate is a lot slower.
Both seem to have a made a lot of progress in the last few months; especially when so many people said it would be "almost impossible" to emulate a Jaguar.