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I general I'd say I agree 98% with Grandy's post above.
And Grandy.
I'm hoping that my PS2 will do that since PS1 and 2 games doesn't work the EU PS3.
PS1 games can be played on all PS3s though
Question: How exactly do PS games that used L2 and R2 work on a handheld with only the equivalent of L1 and R1?
So it's like using the C-Stick on a GameCube controller for N64 games ported to Wii (or my beloved Zelda Collection disc for the GameCube). Seems reasonable.