There's also no PSP emulator for the PC. There is one, but very limited - you can't play commercial games, which you obviously would like.
Since PSP is architecture wise very similar to PS2 (to me PSP looks like PS2 cut-down handheld), IMHO PSP emulator on PS2 would be significantly faster than N64 emulator, so your example The.Ali3n is not appropriate. Though I doubt anyone would attempt to do either of them, now that the era of PS2 is at the end.
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