Wow, the people in this thread just haven't been paying attention at all to the PS3.
First year, they released the PS3 20 and 60gig. Both of these had a special, not used in any other sony product chipset that was most of a PS2 on a single chip. This was soldered onto the motherboard along with the CellBE and RSX chip and was used for all BC. These had 4 USB ports.
The next year, they released the PS3 60gig in Europe. This was a completely new beast. It eliminated half of the EEGS chip that the US and Japanese PS3's had, leaving only the GS chip on the board. The EE chip was emulated in software. This was NOT a full PS2 backward compatibility in software, only the CPU was emulated. The Cell is not fast enough to emulate the EE and the GS both at the same time, and the RSX isn't close enough to the design of the GS to emulate it.
The European PS3 was released over here as the PS3 80gig model. It has the Software EE BC mixed with the GS chip from the PS2.
Then Sony released the 40gig PS3. This one only has 2 USB ports. It has no GS chip, so it can't do PS2 games at all.
All of the above models are out of production.
All that we have now is the 120gig and 250gig PS3 Slim, neither of which have the GS chip, and thus can't do PS2 emulation, even if they put a patch together. They'd have to really heavily optimize the emulation code and do a great deal more work to make these do PS2 BC.
All of them support PS1 BC, because the PS1 is ancient and tiny and can be emulated entirely in software on the PS2 and the PS3. Single core 33mhz Mips? Pshaw, cake. 3-core 300mhz Mips/VU hybrid with extremely fast memory access and a Graphics chip that is designed to heavily layer on textures and effects? Much harder to emulate.
Pretty much every step along the way was done to save money over the $800 manufacturing price tag of the original 60gig model. Almost all of them dropped at least one lesser used feature. I would prefer they left PS2 BC in, but instead I baby my PS3 20 gig along, and have a PS2 slimline as well that I use to preserve it, along with my 40gig model that I use more now for PS3 games to save wear on my 20gig... (I've upgraded the hard drive in both.)