I use my newer PC to run emulators. The PS2 emulator was very slow on my old PC but works great on my new PC. Now I can run games at 1920 x 1080 (1080p HDTV via HDMI), or 1650 x 1050 (my old 20" LCD), and they actually look better on my system (4x AA and 4x sampling) than they did on the PS2. New system is an overclocked i7 running at 4.2 Ghz, memory at 1600 @ 6-7-6-18 timing with a 5870 GPU.
The PCSX2 project has come a long way, the newest build supports DirectX 11 and SSE 4.1. My old PC build choked on a lot of the PS2 games and it wasn't really that slow (3.4 Ghz wolfdale, 4 GB RAM, 8800 GT G92 core video card SLI'd), my new PC still has a slight slowdown in spots but generally runs steady at ~60 fps (without the speed limiter it will hit typically between 90 and 180 fps). Also I can enable anti-aliasing and some other nifty features. While it isn't perfect it looks a hell of a lot better than the PS2 ever did.
It actually resparked my interest in PS2 games, and I started finally playing FFXII on it. As mentioned above, if it took this much horsepower to run a PS2 game smoothly, it will take a ridiculous amount of horsepower to get PS3 games running smooth, and you're probably looking at emulators 5 -10 years down the line before it's playable. Given how long ago the PS2 system came out and they're still not optimal, it's a long way off.
I am psyched that I finally go the PS2 emulator running this weekend though, it's really cheap to buy used PS2 games right now since the PS3 has been out for a while, and it's allowed me to play some games that I had on the shelf for a long time.