Rubbish idea imo. Cost cutting and changing architectures from PS2 has meant no PS2 BC on PS3. The only thing the super powerful PS3 can give use is PS1 games BC. For PS2 stuff they have just remastered select titles and charged us for them again!! The HD remasters are awesome but I would happily give them up for genuine PS2 emulation with a few extra graphics options.
If PS3 can't (due to costs, emulator complexity, RAM requirements, whatever) emulate the previous gen, then I do not hold out much hope for PS4 emulating PS3. I would hate a situation where we lose PS3 BC in PS4 and get given PS2 emulation instead

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By now developers/studios have spent a fair whack on learning to code/develop for PS3 architecture, so just make PS4 more of the same. Maybe 4/8 Cells in parallel or something like that and a better GPU and more RAM?
rp2000