i'll stick with the PCSX2 emulator, since it can bump the internal resolution of PS2 textures to 2048 and has supreme Anti Aliasing.
PSP emulator on the PS3 though? sign me up for that, that sounds fuc$%ng awesome. does the cobra do Sega Saturn emulation too? since the one for the PS3 currently doesn't work on 4.xx FW's and I can't find a good one for the PC...