The framerate counter doesn't display the actual framerate?

[[Unknown]]

Yes, so basically, it's the number of vblanks per second. If emulation is behind, it will be < 60, if ahead, it'll be > 60. The PSP always does 60 vblanks per second, regardless of how much the game renders (or at least, I'm pretty sure this is the case.)

Frameskip increases it because more vblanks are able to happen per second, even though it's not actually rendering these frames.

The trouble in my mind at least is that different games do different things. For example, some render to several different buffers and use that all for one frame. Some games use triple buffering or don't use double buffering. I'm not sure the actual game's framerate can be determined 100% correctly all the time...

Maybe it'd be better to show it as a percentage...

-[Unknown]