I was SURE this thread was a typo and he meant PS2.
LOL!
Look, it's not happening soon. Honestly, the PS3's "incredible power" is a bit exaggurated...but there's no way anyone's emulating it anytime soon. Certainly not before a working 360 emulator comes out.
Generally, you need systems to be 10x more powerful than what you're emulating, and current computers are not 10x more powerful; especially when the PS3 is REALLY good at certain types of calculations. Actually, a Mac Pro is probably way more than 10x better than the PS3 at integer calculations, while the PS3 is probably better at non-branching floating point calculations.
Regardless; I don't think it'll EVER happen. The Sega Saturn also used a very weird multi-core setup with different processors at different speeds, it had like a dozen different processors (one for the CD drive, two for the CPU, two for the GPU, one for the audio, etc, etc, IIRC) and to this day nobody has written an emulator because it's just too much of a hassle.
So in five years when we're all using 16-core iMacs with dual-core Radeon X3600s, we'll probably have an XBox 360 emulator, and still no PS3 emulator.