It's come to my attention that much processing power is required to emulate the PS2 so I pose a legitimate question. Why not create a Linux version to utilize the amazing power of the PS3? Using an Open-Source OS would also allow the creation of an OS patch that makes the OS manage and delegate processor time to each of the available Cell processors. This would also work well in conjunction with finding ways to unlock the RSX. Just a thought from a fan who hopes it might be a possibility.
It is not possible. All x86 assembler will never be compiled on PS3 side.
Unfortunately no one can use the bulk of the PS3's power except for Sony-approved software.
Any OS installed on a ps3 only has direct access to one of the Cell processors, with a second one acting as the graphic processor. The rest of the system sits beyond reach.
Not to mention the horrendous task of moving the emulator over to MIPS. It's specifically designed to run on modern x86 hardware, you're better off starting from scratch than trying to port it.
In short, it ain't going to happen until A) the ps3 has a mature homebrew community and B) someone writes a new ps2 emulator, specifically for MIPS.
"This thread should be closed immediately, it causes parallel imagination and multiprocess hallucination" --ardhi