you get what you pay for. and for nothing, its a miracle a PS2 emu works at all. I'm sure sony uses emu's for dev platforms, that work proper, and 100x times faster than your emu. but they get paid, and they don't need to reverse engineer there hardware, and they know how to code, and pick proper coding platforms, not trendy or simplified code platforms. and probably proper build environments to fully optimize and polish for multitasking.
I've never ever looked into console system specs, but with my limited knowledge, which i can assume is more than you have yet to experience with computers... your 300mhz vs 3.8ghz analogy is most likely totally incorrect.. reminder I'v never looked it up, and do not care to. but I'd assume the playstation proccess hardware is probably more relatable to a Graphics proccessor witch usess lower clock speed, but much much higher bus speeds due to the custom memory/controllers/pipes. Not to say that changes the fact if it can be emulated or not. just an example of the compairison. Like when a video is encoded/decoded, it takes so much longer without Hardware acceleration(Basically GPU Doing the work for you), even though your CPU is clocked so much faster.
