Sorry for the delayed response.
Yes it works in iOS5 - so far have only tried Mario Kart and briefly zelda. It looks like this was just a compatibility fix for IOS as speed seems to be unchanged (lower than ideal framerate in both games but still playable). There's also still no landscape mode support 🙁
Zodttd says there is a large update coming with performance inrease, ipad support, and other features but I wouldn't hold my breath. Still its great that it was released for ios5 and he did what nobody has done so thanks to him!
EDIT: if you turn off frameskip (0), it smooths out quite nicely however sound stutters.