I got the proper Direct3D .dll installed, but now it just crashes out during startup... It gets as far as "Pad=0", and that's it.
I tried it on a friend's PC though and it ran very well. Sounds are a little off and Valkyrie Profile hung at the map screen (the author's looking into this), but Chrono Cross and Grandia both looked very nice. My friend insisted that Chrono Cross was running smoother than on an actual PSX.