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Lost in the news this week about the PlayStation 3's sales surge in the UK is one potentially troubling fact: nearly 90% of those sales were for the discontinued 60GB hardware, not the new 40GB model.
I think PS2 emulation is quite important so that's why people are buying the to be discontinued model. Current PS2 owners don't want to buy another PS2 just in case their current one breaks, so having PS2 emulation in their new PS3 console makes sense. What will happen when the old stock sell out?
In any case, this was all part of Sony's plan to force people to buy the old stock, so it might be the case that PS2 emulation makes a return in another SKU shortly after the old stock are sold out.