spent some time over the weekend updating my CFW (Rogero 4.50 ver 1.01) , figuring out how to get ReactPSN to work, and installed PS2 classics placeholder and game manager. While you cant run games from the disc drive, you can rip them to ISO, copy them to internal external PS3 drive, then decrypt/encrypt them right in PS2 game manager. Tokyo Xtreme Racer Zero works perfectly (theres a weird ding sound in the tunnels on PCSX2).
Now its got me considering putting a PS3 in the driving cab on top of the PC!
Heres the compatibility list:
http://www.pshomebrew.net/wiki/PS2_Classics_Emulator_Compatibility_ListI plan on testing the 75 or so games I have that arent on that list, but its gonna take a while. (Mega Man X collection, FTW!