Katamari PS2 here runs fluent.
Emulation evolves faster than hardware. We are going to see a point where they merge in the future. Not that emulation goes so fast, but hardware becomes more and more generic. A Wii and a PS2 had custom videochips, but they were already modded chips used for PC gaming, so much simpler to deal with than 198x custom boards. The Cell processor and the XBOX powerpc are still the strange duck in the bite (crap translation of dutch phrase

), but if someone will manage to mod Rosetta out of OSX to handle their code, there is no reason a PS3 game can't runt fluent on an i7. It might be not the most accurate emulation as some MAME devs like, but what the heck, if you translate GPU calls from PS3 to OpenGL or Direct X, and 2 pixels are at the wrong position as a result of that, who cares?