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.
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