I agree with Deadmeat, PSX2 might be an architectural garbage, but PlayStation 2 isn't so let's stay on the point.
Team Silent has great coders, but they are humans and not gods, they cannot take the proverbial rabbit out of the hat: I suggest you to "play" Silent Hill 3 on a decent TV and to keep in mind the Hardware it is running on is 1+ years older than your beloved Xbox.
I think I know what you are going to say, but I will just avoid to state the obvious this time.
FX!32 was hardly slow and when you have a code that repeats certain loops over and over the time from interpreting the code to have the code basically re-compiled and native on your architecture is not that large and overall is something we can dismiss ( as "t" grows large enough ).
Archie already covered this point though, so I am not adding anything new there.
Also, by what it seems t be nVIDIA definition of nVFLOPS, that is the number of FLOPS an architecture would need to achieve to do in software what the NV30 FP pipes do in Hardware, if you reach or beat 200 GFLOPS you should be able to emulate what the NV30 does in real-time.
512 GFLOPS or more for a CELL chip that would retail at around $399-499 each is not that impossible ( warning [I know you Deadmeat
]: do not desume the price and performance of the CELL processor used in the PlayStation 3 by what I just stated ).
Achieving 200 GFLOPS out of a peak of 512 is less than 50% efficiency ( 39% efficiency to be exact ).
Would be users so unhappy to have a CELL processor that achieves NV30 levels of performance in software ? ( it would eb a more positive situation than that things like filtering of textures would still be done in Hardware with the visualization optimized PEs which would leave more OPS and FLOPS for some other task ).
On normal modern processors this poster's "virtual" DirectX implementation was achieving decent fps performance: you would agree that in terms of graphics processing performance a CELL processor is potentially much faster and more efficient than a common Athlon XP or Pentium 4C ?
You probably will not acknowledge that, but that is a known when talking about you and SCE related products.
That processor would allow DX9 levels of performance without needing a specialized DX9 GPU: two birds with a one stone and Longhorn would be happy too.
With DirectX going more and more generalized and GPUs evolving even more in the direction of CPUs it is not difficult to see why processors like CELL could be the ones that enable software developers to go back to software rendering instead of a Hardware implemented features as found in most GPUs which, even by ammission of people like John Carmack, are only a stop-gap solution until CPUs get fast enough to resume their role in the rendering process.
You might not agree with that, but I see already architectures like NV30 as quite neat general purpose CPUs ( not as fast as a Pentium 4 in some tasks, but faster in others [some company implemented a database program basically on the NV30 and it was faster than on the Pentium 4 system this company had] )...
Imagine a NV50 evolved along the lines of the NV30 architecture and you won't see something MUCH dissimilar from CELL.