Hi everyone,
I was digging for some information as of late about the accuracy of the CPS1/2 emulation in MAME and found this old thread:
http://mametesters.org/view.php?id=00408
This goes back to MAME 0.37b8 in 2008 and mark confirmed.
With a last update on April 2012, it's still not clear to me if this have been fixed or not.
Hopefully some dev can shed some light on the emulation of wait states, if it has been done already, if it's been looked at or if it's more of a "look, things work well enough as they are now, so just forget about it".
Thanks!