Freeware (ex ePSXE) Emulators will probably never be illegal, because by the time they're out the system is old (2-3 years). Also making an emulator illegal is like making a CD-burner or VCR illegal, because you can pirate coyright stuff on them.
Free emu's take a long time because they're only so much programming you can do in your free time, so a freeware emulator will always take more time to complete and be out later than a commercial one. A free emu is usually 2-5 people workiung in their spare time.I mean it's taken this long for a good freeware emulator and tons of freeware plugins to finally surpass compatibility in one commercial emulator made years ago (VGS).
If there's a freeware PS2 emu out it'll take a long time, and they'll be selling the PS3 by then so they probably won't care.
A commercial emu however can have like 20-30 people working full time, and that would be out really fast, if anyone wants to try and fight SONY again.
And finally we need a PS2 emu just to shut up all those annoying people posting about the new PS2 emulator they downloaded
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Death is merely a transition, a doorway into another realm..
don't let it hit you in the *** on your way out!