PlayStation 3 To Use PS2 Chipset?

IGN reports that the PlayStation 3 will use PS2 chipsets in order to power PS2 games via hardware, and not software emulation as we though earlier. Does it make sense? The mighty Cell chip suddenly can’t emulate PS2 games? For Sony to put the PS2 “Emotion Engine” CPU and “Graphic Synthesizer” (the PS2 graphics chip) in the PS3 would increase the already very high cost. It makes little sense since the Cell can perfectly handle to software emulate PS2 games.

We call bogus on this one.