Take this with a big grain of salt, but a fairly well known leaker, Moore’s law is dead, has said he heard directly from people at Sony that they have PS3 emulation working fairly well, broadly speaking.
The problem is that because of the cell architecture, different developers would utilize the hardware in wildly different configurations. I’m simplifying what he said greatly, but the crux of the problem is that so many games would need their own specific emulation optimization, so to speak, and that extra work is apparently not something Sony is currently interested in pursuing.
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