The new Kaillera is here. Unlike the standard Kaillera, it's open source and uses P2P technology. This means you can have a lagless game across continents, which was previously impossible. The speed really is vastly, vastly improved. Simply replace your old Kaillera client .DLL with the new one:
http://kaillera.movsq.net/stable/kailleraclient.dll
Homepage here:
http://kaillera.movsq.net
Be sure to open UDP port 27886 if you are hosting, and tick the "Enlist in Waiting List" box if you want others to see your game
This is currently 2 players only. Tested and working with Gens v2.14, Kawaks v1.59 and Mame32 Plus!Plus! v0.119.
Also, Kaillera P2P Final Burn Alpha with CPS3 support:
http://kaillera.movsq.net/stable/nfba.7z