Since the 60GB PS3 SKU was discontinued, the only hope for backwards compatability is the older 80GB SKU. But, sony left us in the dark in order to cut down on manufacturing cost. But there are rumours that there will be a PS2 emulator available for the PS3 that will allow you to play your PS2 games. It will be software emulated. How true this really is, I don’t know. But it is possible and Sony has hinted in past interviews that it is also possible.
If what VdeoGameCentral said is, true that it will be available with FW 2.50 it would be awesome
Now is the time for PS3 80GB Console. In fact there is no reason now not to get the Sony Playstation 3, especially at this new lower price with all it’s hi-def bells & whistles. The new 80-Gig PS3 System features the ability to play PS3 Games, Blu-rays & DVD movies (PS2 Games can be played when downloading Sony’s PS2 emulator software online). Also connect to the internet for free online play & downloadable games! To date, the PlayStation3 is the strongest gaming system available and also the lowest price true high definition Blu Ray Movie Player.
If this is indeed true, there will be a lot of happy gamers out, there who longed to play games like Okami, Final Fantasy XII, Persona 3, etc. Maybe Sony is keeping this a secret and hoping to announce it at TGS 2008. News Source