I can RUN KI on a AMD Athlon Barthon XP+ 1.8ghz overclocked to 2.2ghz + 512MB Dual DDR Synch. Ram + ATI Radeo 9700 PRO
Depending on Scene Complexity it runs between 50-60FPS.
Here are my thoughts in Point Form, please note that I am not complaining. MAME is free and you get what you pay for

the project itself is a monster and very enormous and its amazing that even exists with the man hours it takes to program such a beast and get it working. So it is with some degree of understandibility that MAME is not perfect and it may never be.
- Someone mentioned Kille Instinct might change graphics quality due to slow processing mode. IMHO since the game was designed to run in a dedicated Arcade Machine it wouldnt have the issue of processing speed as the hardware would have been optimized for the game and so therefore such a feature would not be needed. I think this is primarily a MAME Problem.
- Timing issues are not isolated to the newer games that require more resources. 2 years ago while on my honymoon I got a chance to play the real arcade game of "Twin Cobra" so when I got back home the game was fresh in my mind and so I fired up MAME and started playing. The pattern of the ships were identical to what I had played on the arcade which put a smile on my face and was impressed, however my smile went into confused, when I realised the Bonus Weapons were changing too rapidly compared to the arcade and would even dissapear from the screen much faster. I thought about dip switch settings, so I tried all the dip switches in various settings and no luck.
- Roms although dumped from original hardware, are running in software simulating those hardware as you can imagine any Processor is pretty complicated and to get a perfect simulation of a processor requires a lot of work. I think that is why we see the constant updates on the mame.net/wip Constant improvements. Now in the above example one of those processor might not be 100% emulated causing the bonus items to be out of sync. Those PCB's contain a lot of IC's processors for video/sound etc.. Imagine if more than 1 processor is faulty. The game might work but you have these glitches here and there.
- According to official info from MAME.NET in the early stages of MAME roms were being dumped without the color rom. Meaning they didnt dump the ROM that contained the color info. So earlier games like SuperMappy had colors that were visualy matched to the original arcade by the mame team either by looking at pictures or the real arcade screen. Now I dont know if since they have managed to go back and re-dump some of those games where the colors were guessed, but thats something thats bothered me about mame.
- Pac-Man......a couple of years ago I found the rec.games.arcade.video.collecting news group and found a lot of mame bashing etc... and did a lot of reading and understood why mame was being bashed from an Arcade Collectors point of view and they had some valid points. The one that realy stuck out in my mind was a discussion on how mame was emulating Pac-Man. The article is still there and you can read it here:
http://tinyurl.com/n0w6There is a reply back to the post by Nicola Himself, pretty neat.
- MAME is not Perfect and still needs a lot of work to bring it near perfection.