GEST v1.1.1 is released. GEST is a GameBoy emulator for Windows.

Facts:
open source
written in C/C++
graphics use DirectDraw
sound uses FMOD
most of graphics, sound and SGB emulation code is based on VisualBoyAdvance

Features:
emulates the Game Boy, Game Boy Color and Super Game Boy
very compatible, only a few games have serious problems, see compatibility list
very accurate graphics and sound emulation based on VisualBoyAdvance source
video size select
you can choose from four color palettes in Game Boy mode
battery backed RAM saved to a file
Game Boy Camera emulation
Gameboy link emulation + imperfect IR link emulation
Autofire buttons
Save states
Video layers can be disabled
Sound channels can be disabled
GBA stretch simulation (for lols)
GBC default palettes when playing non GBC games can be changed during gameplay
Game Genie cheat codes (up to 10 can be used at the same time)
zipped roms supported
SGB multiplayer (2-4 players)
customizable controls and one joystick can be used
supports memory bank controllers: MBC1,MBC2,MBC3,MBC5,MBC7,HuC1,HuC3,TAMA5(imperfect) and GB Camera
MBC3, HuC3 and TAMA5(imperfect/broken?) RTC emulation
Rockman 8 and collection/multi-carts emulation
Barcode Boy emulation (imperfect)

Missing Features:
Game Boy Printer emulation
Four player adapter
GBC built-in palettes for some GB games e.g. Tennis, Zelda
Furu Changer emulation (Zok Zok Heroes (J))
Barcode Reader emulation (Bardigun (J))
Mobile Adapter GB emulation (Mobile Trainer (J))
some SGB features:
sound/music (Animaniacs,Pocahontas,etc.)
SNES sprites
SNES CPU (Space Invaders '94 arcade mode)
borders that have a non-square GB window (Mario's Picross, Desert Strike, Animaniacs,Super Snaky)

GEST v1.1.1 Changelog:
-sprite priority fix (Megaman 3, Gargoyle's Quest)

Download: GEST v1.1.1
Source: Here