Cant wait for an xperia play 2... maybe with psp joystick instead of those weird touch joystick...
fast enough for psp emulation?
The general rule of thumb is that a device has to be at least 9 times faster/better than the original in order for emulation to be possible with a decent framerate. Although there are plenty of other complications, of course.
So I assume that by PSP emulation you mean the original PSP-1000 which had these specs as shown on the link below:
PSP-1000 Specifications
CPU: 1~333 MHz MIPS R4000 (MIPS appears to be similar, but not the same as ARM)
RAM: 32MB (or 0.032GB)
Okay so let's give it the 9 times treatment!
CPU:
0.333*9=2.997GHz
The Xperia Play has a dual-core 1GHz Qualcomm Snapdragon and I think the PSP-1000 has a single core processer rather than double, but I think it looks like that emulation would not work from a CPU point of view, especially when the phone would not only run the emulator, but also the ROM and the Android OS and all those applications that you are running.
If Sony change their mind and insert a quad-core chip it would certainly be more feasible, I am hoping for the Tegra 3 but knowing them it would probably be the next quad-core Snapdragon.
RAM:
0.032*9=0.288 (0.288GB or 288MB) the current Xperia PLAY has 512MB of RAM.
I believe that next Xperia Play may have 1GB (or maybe even 2GB) so I think that the RAM would be sufficient for emulation. Currently on the standard Play it could work well providing you keep multitasking down to a minimum.
Conclusion:
I am no expert at emulation or emulators and many people on XDA (and other forums) would be 100 times better at understanding these sorts of things. But I still think I have given a good approximation which is a good place to start from.
I believe that the Xperia Play probably wouldn't be able to emulate the PSP-1000 that well but if there is next one it might. Having said that there are a lot of other factors aside from the specifications and only time and expertise will really tell if this would work or not.
That's got to be the longest and most detailed post I have ever done on any forum. Be sure to hit "Thanks" if I helped!