Once it starts, the console is constantly spammed with "·U {PPU[0x1000000] Thread (main_thread) [0x00839bb0]} cellGame TODO: cellDiscGameGetBootDiscInfo", and it goes on forever until I stop the emulator.
Alright, so if the Null renderer is used, I believe TOD actually goes ingame. However, there's two issues:
1. Null Renderer (obviously) prevents you from seeing anything.
2. This game needs libaudio to boot. Loading it breaks all sound, and nothing can be heard.
That being said, if I press Start and X a little while after booting, the save data prompt comes up, meaning I'm on the title screen. There appears to be no issues related to savedata, so I can proceed onwards, meaning it most likely goes ingame after this point.