From the pic you can see what looks like the PS2 Dragon(EE+GS combo) chip along with the RDRAM from PS2 and what looks like the digital video encoder, mechacon and HDD/network controller.
one missing component from PS2 is the CD/DVD DSP. This could be a real problem for PS1/PS2 disc authentication since that could mean that some other hardware is now handling the duties the DSP used to perform. Since the DSP is the first IC to really decode the protection data encoded in the disc it's quite likely that there will be some additional verification prior to communicating with the mechacon(the point where modchips kick in).
Also, I see no BIOS IC like the old PS2. There's an obvious TSOP IC on the board that could be flash but this is likely the PS3/PS2 BIOSes combined. Like the PSP, the BIOS is probably encrypted.