Sorry to revive this dead thread, but I thought I would mention that Ace Frontier is playable on JPCSP: http://jpcsp.org/forum/viewtopic.php?f=25&t=5348
Ultimate Frontier is still not working though...
Also for those who don't know, the PS2 SDF Macross game (and the entire ACE series) have been playing just fine on the PCSX2 emulator for a while now, and the PSX games of course work just fine on the epsxe emulator.
If you can't get macross for PS2 working on PCSX2, just disable sound during the intro and enable the IOPx2 hack. If you have any issues just post here or PM me.
Here's a screen of the PS2 Macross game running on my PC:
NOTE: as pointed out earlier, you DO need a bit of a powerhouse of a PC to run the PCSX2 emulator at full speed. ESPECIALLY in the CPU department. My old overclocked CD2 E6600 rig just managed to run most games at full speed. I have a i7 920 processor now though and games don't even hiccup, although be aware that the games only run on a max of two cores in PCSX2.