The latest leak to hit the online video circuit involves a PlayStation Portable running a PlayStation emulator. The view shows off a number of gaming titles you might recognize, including Biohazard 2 and Rage Racer.
Of note, however, is that they had to use ROM Buddy, a third-party Android app, to load the games. We'd expect that to be unnecessary in the final product, so the PSP might not be as close as some might hope.
Watch it doing what it was meant to do, game, in the embedded video.