Off hand, I think it depends on how well EE DMA can be mapped to Cell DMA (it's likely the latter is more capable, but we don't really know yet for sure).Will the Cell SPU architecture be condusive to effecient emulation? I'd have thought not and software PS2 emulation would be handled entirely by PE.
If such a mapping is possible, PE could stick to R5900&R3000 emulation + translating the DMA chains to native DMA, passing them off to SPUs which would then emulate the "other" units in the system (VUs, IPU etc.).