[Arakon]

bull.
you need at least thrice the cpu power of the system to emulate, and 3D takes additional power. not to mention that the ps2 uses several custom chips with almost no info on them available.
it'll take alot more than 800 mhz to emulate.

example: sega saturn.
not even the athlon XP 2000+ is able to emulate saturn at a decent speed. it uses 2 32bit SH-2 CPUs at 28 mhz, and several additional 32 bit custom chips with near no info known.

ps2 emulation of commercial games is not gonna happen for a long, long time.