I think version .106 had a big video rewrite that created a substantial performance hit on older machines. Seems like there was something done with audio on another version, but I cannot remember for sure nor when.
Edit:
Looking on mamedev.org, it looks like the big audio rewrite occurred in version .93 which I assume caused performance problems on older machines. Anyone feel free to correct me on any of these points.
You're correct, v0.93 had the audio rewrite. However, according to mamedev, v0.107 is the first full release for the new video code. While we're talking release changes:
hiscore.dat was removed (and replaced with save state) in v0.108
CPS2 decryption was added in v0.112
There was a big Donkey Kong update in v0.116
CPS3 decryption added in v0.116u2
Edit: Is there anywhere that has a running list of major changes and ROMS added/changed in one place? The only way I've been able to research this stuff is by reading each whatsnew, which is a real PITA
Edit#2: In reading the "whatsnew" files from mamedev, I'm finally up to the video rendering changes. SGT, you're correct: the video rewrite actually happened with version 0.106u1 - version 0.107 was just the first full release to feature the change.