That sounds pretty reasonable to me, but there are certain problems. It really doesn't make sense to pull B/C that's done in software. The software is already developed. They don't save production costs by pulling the feature, it simply allows them to arbitrarily lower the perceived value of the machine (unless they plan to sell the PS2 emulation software as a separate product).
For my part, I'm disappointed. I planned to eventually get a PS3 when the price became reasonable and I had some money, but in the last generation I only owned an Xbox and a Gamecube, so I missed out on some great PS2 games. I don't care enough that I will likely go out and pick up a PS2 just to catch up on them, but if my PS3 played PS2 games I'd pick up a couple like ICO and Shadow of the Colossus and God of War. Oh well . . . c'est la vie.