Good research, thanks for finding a way to measure.
Tested on Win7-64bit/ 2.9Ghz i7 (quad core) with 8GB of ram running DirectX v11 on an nVidia GTS450
Aero disabled for all. Autoframeskip disabled for all.
I can test WinXP on the same hardware (loaded via Ramdisk but it will have much less ram available) tomorrow.
All tests were 120 seconds.
GGPO offline Replay - VSav
Full view - http://imgur.com/ngr6pqi
GGPO offline Replay - XMCOTA (wanted to see if anything would change)
Full view - http://imgur.com/epFlbWF
SuperCade Offline Replay - VSav
Full view - http://imgur.com/c3xygb4
FBA-RR v07 XMCOTA offline playing around (not sure what FBA it’s based on but it was built in 2011 so I assume it has the fix)
Full view - http://imgur.com/f9VYCQD