I wrote out a couple of flow charts on the idea once. It always ends up getting stymied by the fact that no two PS3 games are programmed to work the same way. I could only come up with a wrapper idea as well. I was a bit more ambitious though: I figured it might be possible to develop a reusable framework that archives how a given emulator would interpret multiple games' function calls. Basically, you'd have a new Class for each game franchise.
Ultimately though, it's still a messily coded 'per game basis' system--and it would probably take forever to figure out how each individual game is supposed to interact with the CPU.
Another idea that occurs to me would be to simulate the five cores needed to run the games using a powerful generic processor.
