What about the memory card though, are you going to lose all of your saves? Will you be able to use your PS2 card on your PS3?

So now, if I were to copy my four PS2 memory cards and two PS1 cards over, I have six virtual card directories plus the one I made when I tested the PS3's backwards compatibility in the first place.

And the PS3 automatically creates a separate "Virtual Memory Card" directory for the contents of that card. Now, I'm not going to harp on Sony's inability to create a single feature that works ...