The PS3's wacky architecture is why we didn't see a notable difference in graphics quality until the latter part of an extended console generation. A dev friend of mine who's worked on a bunch of AAA titles said he'd be surprised if emulation ever happens because of the amount of horsepower you'd need, and that's apart from the hell that would be getting an emulator up and running and stable. I guess stranger things have happened but I'm nowhere near as confident as Ut that an emulator is going to magically appear anytime soon.