I agree with you that an emulator will have to be made from the ground-up, and have to take advantage of the PSPs power, and you are probably right, there will probably not be a PS1 and N64 emulator, but hell, we can hope for it
My personal opinion, i reckon that any console made before 1995 (before Saturn and PS1) will run on the PSP flawlessly ... which will suit me VERY well ... i mean cmon, theres a SNES emulator on the GBA, and that aint got 30% of the power the PSP has! The only people that will know what kind of emulators we can expect, are the people making it ... so all we can do is sit here, twiddling our thumbs ... and wait!
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