I installed EmuRayden 2.2 last night, tried it this morning, and then spent this afternoon trying to get my PC back to a useable state. Needless to say, it will be uninstalled.
Seemed like it was a pretty good emulator, though with nowhere near enough configurability for my tastes. Certainly easy enough to use.
I knew that there was a hacked VGS out there, but hadn't realized it was EmuRayden. I'll keep the install file around just in case, but I'm sticking with ePSXe on the 2 PCs I emulate on.