Let's put it this way. It won't happen within a year. It's unlikely it'll happen in 3. It'll probably be 5 or more years before it is emulated. Why? Because of what Lilwolf said. In 5 years or so cps3 pcbs will be realitively cheap and oweners will be more willing to have them experimented on. ATM the average cps3 game is 250-300 bucks just for the cart, disc, and pcb.
The past backs up this point... all of the major encrypted systems started being broken 5-7 years after the last game for said system was released. The hardware gets cheap at that point. The last cps3 game was made in 2001/02 I beleive.