The PS2 had an unseen graphics VRAM speed (48 GB/s), and that's why it's hard to emulate it on PS3, and maybe even PS4 (early PS3 simply included PS2 in there).
The 3DS processor is capable of emulating 8-bit systems, as it has virtual console NES and GB/GBC games. SEGA also ported some Genesis games to run on the 3DS, but I think they had to re-write parts in native ARM code as straight emulation wasn't fast enough (Google "Sega M2 GigaDrive" for a great series of interviews about this).