Is the rumored software backward compatibility real?

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PooperScooper said:
How does computers emulate Ps1, Ps2, NES, SNES, Genisis, ect ect consoles without having their hardware? thats the point for people saying SW emulation is possible,

 There is no suitably working pc ps2 emulator.  The best one available (that I have seen) currently can run about 10% of games, and to get a playable framrate requires highend crysis level hardware.  The developers have been working on it for 5 years, and have stated that for each game to run they have to write specific fixes.