SSF .10 alpha R4 is the best Sega Saturn emulator available for Windows, although SSF is still far from being considered “complete” or near complete. SSF .10 alpha R4 has the following changes

(rough Japanese to English translation:
Fixed the memory access process.
Processing of SCSP was corrected PCM generated.
FM processing of SCSP was corrected.
BIOS emulating processing was corrected.

State data saved version has changed.
Fixed a bug that does not reflect changes immediately after the key set of connected devices in the controller settings.
Established a treatment option to a thread generated by the sound.
Until now have been generated in another thread, when you get the timing generated by the main thread (especially streaming).
It is slightly heavier in the formation of the main thread.