In case you guys missed the great news posted by SceneButNotHeard on the news page:
PSX POPS Emulator for PS2
The PSX POPS Emulator has been leaked and some gamers have been testing it on the PS2. Very few gamers know about this, but it's basically an early version of the PSP Playstation emulator which was used to run the Playstation Game "Bishi Bashi Champ", which was released on the PSBBN (And pulled by Sony shortly after HDLoader was released). It was reported that game compatibility is quite good.
Here's the original thread at the assemblergames forum:
Testing out POPS-00001 on PS2 (Need help on PATINFO.KELF)
A demonstration video by vash32 (the original poster):
Early game compatibility list: