Recently tried this game with Dolphin 2.0. Playability of NTSC version (GK7E08) is "In Game".
Platform: Used 32bit and 64bit builds of the 2.0 binary downloaded from the website. Running Vista Pro with a quad-core Q6600 Intel chip & 8500GT nVidia card. Same results with both binaries and both with and without multithreading enabled. All other settings, except changes to the control pad config, were the defaults.
Description of problem:
Fatal problem occurs on reaching the titular enemy of the first mission "Angel". While the gun can then be fired multiple times, the first shot aimed an angel wing causes an error window to pop up with the text "FIFO out of bounds (sz = nnnnnnn, at pppppppp)". Usually clicking OK to the message leads to a seemingly infinite series of identical messages with nnnnnnn increasing each time and pppppppp being all 0's, necessitating killing the process. A couple times, when using a save state instead of letting the game load from a saved file, Dolphin crashes instead of putting up more and more errors after the first.
Other misc notes:
* State of audio seems identical to previous comments: any sound or music that is longer than about one second will cut out after that first second. This does not apply to FMV audio, which plays all the way through, though sometimes falls out of sync.
* The boss's silhouette dispersing in to particles does not happen when the mission begins, as noted earlier, but it does happen as it should when resuming from a mid-mission save.
* Except for these bugs, game play is just fine.
Later, I will try to import a save game and see if there's a problem on any of the subsequent missions.