There have been a raft of new images posted up at PSGroove.com regarding the work in progress Dreamcast emulator. Now it seems the developer drk||Raziel has got so far as to run the BIOS on the PlayStation 3 (see above Pictures).
There are still quite a few graphical glitches as you can see, and he still hasn't quite acquired enough cash to buy his own PS3 making progress on this slow. Obviously once he has his own, progress will be quicker and he has also gone so far as to state that this project should not be considered as properly underway until he does get his own PS3.
I'm sure it won't be too long till you'll be playing your favorite DC games on your beloved PS3 once this project does get going though considering.