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Funny thing is, PS2 classics already where emulated on the PS3. There have even been some tricks and/or workarounds to get original discs working.
Though Sony had no interest to let people play their original games when they released PS2 classics.

A PS2 emulator shouldn't be such a big problem. Question will be, if Sony let's you play your original games then or if they only want to sell digital copies again.

As for 360 BC, MS simply has to do much more to sell their consoles. Otherwise they as well would only sell digital copies or have no BC at all.