Very impressive what the folks over at PCSX2 have achieved, considering the profoundly different architecture of both the EE and GS as well as proprietary instruction sets implemented by Sony, etc.
Re. end of PS2 hardware cycle - about bloody time they stopped milking their cash cow. The PS3 could have been so much more had Sony not removed hardware PS2 backwards compatibility. I appreciate the HD re-releases and all, but there's still so many gems that will not see the light of day on PSN, or "remastered" on BluRay. I'm not too bitter - my 60gb (well, 500gb) launch model still works great. She's very high maintenance, but in return she puts out with the newest exclusives and never complains.