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PullusPardus said:
no hardware needed, its all software.
there are tons of PS2 emulators online.

And none of them are even close to perfect. Even the best one has its flaws, just like PS3's software emulation (80GB NTSC and 60GB PAL).

PS2 compatibility in PSP2? I doubt it. Unless Sony decides to make it a lot like PS2, of course. Then it will be possible but otherwise no - there's a reason why even PS3 can't do it (yet).