It may not be perfect, but the PS3 emulator RPCS3 is looking very promising. The small team behind the emulator have come a long way in just a couple of months and here at Gamereactor we sure are looking forward to seeing what they're capable of. Emulating a complicated system like PlayStation 3 is no small engineering feat. While emulation is associated with piracy, it should be said that certain emulation software has been used in commercial products (compilations of old games and such) and that from a gamer perspective it is important that systems are emulated so that games can be played even as there are no longer any readable discs, working consoles or as games have been removed from a service for one reason or another.
If you're curious how After Burner Climax (PS3) looks running on PC, head over to YouTube.