Reality Boy 0.82 alpha 2 has been released which contains several fixes, check it out at The Unofficial Nintendo Virtual Boy Home Page.
A new Reality Launcher is also out. What’s new in v1.2:
support for new features/changes in Reality Boy v0.82a2
removed warning message for “Brightness” option, as it works now
renamed “Screen resolution” to “Display Mode”
more file viewing options available (VB/ZIP/BOTH/ALL)
fixed a bug that caused RL to crash when attempting to access an unready device or a removed ROM images folder