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Pyro as Bill said:
If graphics cards 3-4 gens ahead of the PS3 struggle to run NSMB Wii on the Dolphin emulator then I doubt teh cell will handle it. Might be best to attempt a PS2 emulator first.

We'll see a PS3 emulator on the PC before we see a Wii emulator on the PS3.

PS3 can emulate PS2,Sony just wasn't releasing the emulator on PS3 firmware update cause it would bring down PS2 sales which were helping make up for the PS3 loses.

 

Now that PS3 is making profit and Sony registering a Patent of Software PS2 emulator for the PS3 a few months back,we will most likely see it at this E3.