I gave it a try a couple of years ago, but wasn't particularly impressed. A few titles ran, but claims of "compatible with 80% of titles" were a bit unrealistic, I thought. In fact from experience I'd have said about 30%. Also, as far as I know, Akiko was last updated in 2002.
Akiko is a CD32 and CDTV emulator for Windows9x/ME/2000. It runs with the help of a CD32/CDTV adapted version of WinUAE.
Might as well just use the latest WinUAE then! WinUAE 0.9.90 is an infinitely better CD32 emulator, in my opinion, in terms of both speed and compatibility (and has been since about version 0.8.23) I have around 90 CD32 titles, and only about two or three currently don't work properly. :-)
Steve.
[EDIT] The Akiko CD32 emulator is illegal, because the developer is charging for UAE code (which is covered by the GPL license). WinUAE is free. :-)