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Completed The Last Story using Dolphin x64 3.0-735 ICC build. PC specs are I7 4.3GHz OC (Ivy Bridge), PC2048 memory, Radeon HD5850.
Had some significant slowdowns until I turned on OpenMP and OpenCL...

I've got much faster CPU (latest i7 overclocked) and still getting plenty of slowdowns in some games...

Besides 1.0.0 version was released recently... Why old 0.9.8?

SoTC was giving a hard time even to the vanilla PS2, dropping frames at time very significantly...
Try switching to internal resolution (1x) and play with hacks - turning them on and off. But I'd...

It's a due to videocard. Reduce internal res to 2x - you wont see that much of a quality drop and your fps should increase considerably. Also play with hacks - those which steal cycles for VU.

Turning hacks on may actually decrease the performance.

Fake

No you can't. We barely reached a point where PCs can emulate PS2 at 100% of speed most of the time (meaning that sometimes it drops below 100%). And PS3 is like 10-30x more powerful than PS2.

I think in your case videocard upgrade will matter a lot.

I kind of doubt that this is much of a progress. :-)

To emulate real PS3 games (not homebrew stuff) we will need like 10x faster PCs than what we currently have (talking about top at the moment specs).

Probably because CPU is most important to emulate PS2. I have latest i7 4.4GHz (4 physical/8 HT cores) and I still get slowdowns in some games.
You have to play with speedhacks. They are not always...

Hmm, isn't SoTC a part of a franchise with ICO?

Ah, you should definitely try Vagrant Story. It's probably exactly what are you looking for. Also a very-very good game.

Not sure if I got you right, but:
Any Final Fantasy game, any Suikoden game... for example. While they share a common world their stories are not connected so you won't have to worry about...

I believe there is a speedhack that allows pcsx2 to use 3 cores (MTVU Multi-Threaded MicroVU1)

Guys,

Wanted to share my finding:
I've been playing DQ8 and P3 FES and experienced very annoying game slowdowns - games were playing like in a slow motion at times.
Strange as I have 4.3 GHz...