I think you'll have to wait for quite a bit to be able to emulate PS3 games (Not talking about some homebrew stuff). I think the general consensus was you need a machine about 10 times as powerful to emulate a system?
It really has little to do with the speed, its trying to work out all the proprietary architectures no one has done before. Its very possible we will figure that out someday, and when that day comes speed will not be an issue.
rcps3 has shown quite a bit of improvement over this last month and is able to get in game with some of the less 2D demanding ps3 games but from a emulator point of view it's a very noticeable improvement even if they only ran with a PPU interpreter they improved it on being successfully running them with PPU recompiler and gained significant amount of fps, it's still far from being complete and even if it seems to be a small step this is a very good one !
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