A new PS3 Emulator has been announced, in reality its going to be years before anything decent will run and on one mega powerful PC, but anyway, heres whats new so far:

List of recent project changes over the last week:

R20

rpcs3:
- implemented ELF compiler (Asm, only for test).

interpreter:
- Fixed ADDI opcode.

SysCalls:
- fixed FileSystem syscalls..

R19

DisAsm:
- Fixed dump code.

interpreter:
- Founded and emulated more instructions.
- Fixed sc value..

R16

interpreter:
- Emulated more instructions.

ElfLoader:
- Fixed SetPc value..

R15

rpcs3:
- fixed compilation bugs for debug mode

memory:
- fixed read/write 16/32/64/128
- implemented fast read/write.

R14

rpcs3:
- emulated some file system SysCalls
- rewrote MThread mode (now use pthread 2.8.0)
- rewrote memory manager
- rewrote save (ini) manager
- main and Log frames now save current position and size
- added more opcodes
- fixed crash if Log/DisAsm/Memory Viewer frame is closed
- implemented OGL video mode

DisAsm:
- implemented MT dumping.

Homepage - http://code.google.com/p/rpcs3/downloads/list