Psp has a the same architeture of PS2 (MIPS),same memory space (32MB),better processor,but the graphic hardware is diferent and doesn´t support the PS2 high resolutions ( as1280x1014). It havent the shader capabilities too.
Maybe Sony can use virtualization to help in this task, it have the full PS2 and PSP documentation and it´s fundamental to do this task .. probabily is impraticable do something like popstation due the very little gap wich exists between PSP and PS2.
People who develop homebrew propabily will never do it... just look the PS1 emulators for PSP developed before popstation.
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