not. it's technically impossible. it's even impossible for PS3 (or Xbox 360) to have a good enough approximation that fools the eye into thinking they can do Killzone E3 2005 graphics.
Says who? Approximations and "tricks" can give some really, REALLY amazing results. SOTC and a few other games on PS2 showed that (HDR, Fur, DOF, motion blur, all with loads of geometry shown on screen... on PS2). It's all about spending enough time on the platform and have enough brains to come up with the best "trick" to approximate certain things the fastest way possible. It's all about swapping one "approximation" with another one that runs faster.
the PS3 CELL CPU is about 35 times faster/more powerful than the PS2 EE CPU. but in terms of graphics the leap is much smaller than 35x.
How is that quantified? Seriously. What framerate would a PS2 attain when trying to run a 1080p game with all the per-pixel effects, all the geometry and textures, animation, physics a good PS3 game has? That is, if there was enough RAM on PS2 to store such a game, and if PS2 even supported the per-pixel effects used on PS3, which is obviously not the case... My guess is that it would be MUCH less than 1fps, which is already 30x (or 60x, depending on the game) slower than PS3. By your "estimate", such a game would run at, say, 5fps on PS2 (a 6-12 times difference, which is "much smaller" than 35x), which is absolutely ludicrous.