Actually, now that I'm looking at this topic again, I seem to recall a really odd bit in the PS4 owners manual about Backwards Compatibility - mostly saying PS1-3 games will not work in the system, but that a few PS1 games will. (Didn't even list which ones, I'm guessing Cerny made Crash games play on it.) I'm not at home to check it personally, but that would lend credence to the idea of at least PS1 emulation being possible. I still think it's a waste of time, but if Sony can devote some people to it, whatever.
Edit: Actually, I think this selective BC note was in the Super Slim PS3 user manual, not the PS4. Never mind.