Geohot started with the PS3 hacking and I think he's not stopping at all, thus driving hackers around the world to the point were they have total control over the PS3 operating system.
Once they do that, a Wii emulator is a given, there's enough power on the PS3 to emulate a Wii. Games for classic controller could be played with dualshock, the others I have no idea.
This will be the first gen were a console can emulate other console from the same gen. (No portables)
I'm aiming at late 2012 for this.