I just wanted to chime in to say (since I haven't seen it mentioned already) that, albeit preliminary, the port supports "remote disc streaming". I say preliminary because I haven't yet managed to successfully load an ISO through it (but I haven't tested the latest build yet, nor by any stretch have my tests, in general, been extensive). It is however possible to browse shared repositories from other ppsspp installation on the network, from both android and windows builds. Maybe with a few nudges in the right direction, it could get to a working state. That would surely facilitate and expedite the process of testing games (saving time and wear on SD cards).
BTW, Sega Rally Revo works full speed (30fps by design) if you care to wait about a 0.5-1 min until it loads the track!