It has improved greatly. I've played plenty of games in this past month. All it takes is patience and tweaking.
It takes time, configuration.. Trail and error, stuff. I've played God of War 2(was getting 55-60FPS), ICO(60fps), Shadow of the colossus(45-50fps), MGS2(55FPS), Okami(50FPS).
It takes time to configure, checking with different version of GsDx files. Toying with emulation settings, etc