Guys I think MODERNTHIS is telling us truth. Do you remember that old video on youtube? 40GB ps3 also in service mode launching PS2 game. Video is spannish. It's recorded at start of 2009 when even almost nobody knew what is service mode for and how to get in, so most ppl thought video is fake.
$0NY filled a patent for full ps2 emulation with a cell processor a few years back and no one has heard any thing new about it for a long time now. I am not sure if it was for PS3 though, I think full emulation of both RSX and Emotion Engine is for CELL2, the successor to the PS3 CELL Broadband engine. Most ps2 games that would load will not run at playable frame rates when attempting to do full emulation via CELL.
That is just one of many reasons why $0NY scrapped it.Cost effectiveness to implement/program. Another is fear of ps2 piracy. It is not possible to emulate every game without the BC chip and extra 2 memory chips that were included in early phat models. support would be horribly crude without them and even then only a small hand full would work initially. So what I am trying to say is don't expect to see MGS3: Snake Eater running on non BC consoles.
Its true that 2.50 firmware is the current best at supporting more PS2 titles on BC consoles.Most 3rd party PS2 discs still working were slowly revoked from play in future software versions. The 3.xx firmware is geared mainly at PS3 game software and has even castrated some functions of XMB. Remember the slim 2.80?, thats when new non BC consoles came out with more DRM, less features, and an ugly cold boot.
I would keep expectations simple and just expect a few crappy looking, less impressive games to run, and even then most wont be full speed. Thanks to the return of the penguin on PS3, we can start to hope for some to be playable. The home brew Devs will tell us in time if its even worth it at all.