Someone wasn't willing to count on the rumors that Sony will release an official PS2 emulator for the PS3.

Hacker ifcaro has developed his own version of PS3 USBAdvance, which will allow you to run *backup* PS2 ISOs on the PS3. Hold your horses though, this release only works for Japanese PS3 models.

A PAL version of the program is expected to be released soon, according to PS3Hax. It is reported to work on the latest PS3 firmware, but it requires Swap Magic to load the ELF file in the download archive.

I haven't seen any solid reports of this working properly yet though. Hopefully it's the real deal, but I wouldn't get my hopes up so quickly. It may be authentic and does as it claims, but then we don't know if it runs properly. We'll update you when we know more.