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As for the PS3, unless it's vastly superior, then I don't even think they would even consider trying to emulate the PS2! I guess they will monitor PS2 owners and see how many actually continue to play their PS1 games on it. It seems a good idea in theory to make a console backwardly compatible, but I would think that the novelty of playing old, low resolution games would wear thin very quickly.
On paper, Microsoft's X-box does seem to be impressive, but remember that processor clock speed is a misleading figure when it comes to the power of a computer or console. The efficiency of the PS2 processor may be better than Microsoft's, and so could offer comparable processing power even though it's clock speed is lower. Also, the CPU isn't the be all and end all of the performance achievable on a system. Custom chips are often included which specialise in various areas, such as graphics and sound. Remember the old Amiga/Atari debate? The Atari had the faster processor, but the Amiga had custom graphics and sound chips which arguably gave it the edge.
If Microsoft include a port of the Windows operating system in some form or other then it's possible that there could be problems. Having said that though, the Dreamcast uses a version of Windows CE, I believe, and I've yet to hear of any problems on that front. Of course, if the X-box uses a completely new operating system, there's scope for a whole new lot of bugs! Only time will tell...