The video below does not do justice to the work of the devs, as since the video was posted, it seems a major graphical glitch (which you can obviously see on the video) has been fixed.
The “guinea pig” for this experiment is a PSN game named “Swap”, which I assume was chosen because of the limited amount of functionality it uses on the PS3 (making it an “easy” game to run on the emulator). I’m now fixing this mistake, and today is a good opportunity to do so, since the devs behind the project were able to claim a significant milestone last week: the possibility to run a commercial game within the emulator.