There was a previous discussion on this topic a few months ago on here. The PS3 is too complicated to currently emulate with any speed.
Most people seem to forget that emulation, especially from console to PC, is not just translating the code from one system to another. For the PS3, games are coded expecting certain hardware, which isn't found in most consumer-grade PCs. As a result, there is no way that a Core 2 Duo processor (as listed in the system requirements on the provided link) can emulate a game console with an (admittedly trimmed down) 8-core processor.
Casey