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There was a rumor that Sony was going to make a PSOne/PS2 emulator with games running at 1080p. Even trophies could be implemented, since Sony has a patent about popping trophies when reaching a certain data on the disc image.

Such emulator shouldn't be too hard to put in place in a PS4. Sony knows those consoles inside out anyway, and the PS2 is already SW emulated on the PS3, since we can play PS2 games like GTA San Andreas.