Well if we are comparing a 60GB launch PS3 that is on CFW compared to a PC emulator for ps2/ps1 games then the PS3 would be a superior choice for a few major reasons.
- Since the launch model has PS2 hardware, it has far better compatibility than the available PC emulators. PS1 not so much, but definitely when it comes to PS2.
- No setting configurations to worry about
- Automatic support of PS3 controller (which is basically the same as PS2/PS1 so it works perfectly).
You can burn the english-patched copy of the game to a disc and play it with CFW, or play the game as an ISO/BIN file directly if using a dongle, so that doesn't really matter.
The only real advantage of the PC emulators for PS1/PS2 is the ability to enhance the visuals. This really isn't worth the much lower compatibility rate and hassle that comes with it, though. You also need a fairly good graphic card on your PC to be able to run a PS2 emulator with decent performance.