The project is currently in Alpha, usability, performance and stability issues are to be expected.
Cortex-A9 dualcore, 1ghz+ is the minimum hardware for decent speeds
The Dreamcast BIOS is required for this emulator to work. In the internal memory of your phone, create a folder named dc, make a folder named data inside it, and put the bios files there (dc_boot.bin, dc_flash.bin). If you are using a file manager, the path for the folder is /sdcard/dc/data/. You should dump these files from your Dreamcast, Google has many tutorials on how to.
In order to save your game-play progress you will first need to format the memory cards. In order to do this you need to start the program, select the "boot bios" option, go to the "file" option, select the memory cards and then select the "delete all" option.
For support & general questions, ask in the forums, http://forums.reicast.com/index.php?board=1.0