Graphics only look similar, considering the PSP puts out just over half the resolution that the PS2 does there is no way they are similar. That being said, no emulation of the PS2 is simply impossible, even if you can get the code to run natively on the hardware (i.e. without overhead). Simply put, PS2 is 128bit@300Mhz while the PSP is 32bit@333Mhz. To break down 128bit instruction and shove it through a 32bit pipe you would need to make 4 cycles to equal the amount of code processed (not really as it is actually MUCH higher due to the size of the numbers you can process on 128bit, but this will work to show you the basics) add 2 cycles to break down and reassemble the data and given the almost identical clock speeds you couldn't even match the CPU, let alone the GPU and sound processors. Even a 64bit system is proving to be a bit much (although Deadalus is coming long nicely). If it wasn't for Sony the PS1 emu would suck too, emulation is a bitch on any system.
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