I imagine the answer is yes to older pc games no to emulating PS2. This is no slap at portable devices however. It's simply very hard to emulate a PS2. It takes very high end components. Processor, video card etc. A lot of PC's can't do it either.
true enough, even just a couple years ago when I investigated it, PS2 emulators were still piss poor. Not enough horsepower in PCs yet.
As a note, it's not because the PS2 was made from amazing future tech. To emulate a processor, generally you create a simulation of that processor in softwarre. that software must run on a processor fast enough that the load of the virtual processor leaves speed left over to do the work that the game expects to be running at.
Running emulators is sort of a bootleg operation, while cool, not a driving feature for a mainstream tablet user. Additionally, most people want to play a game made for the tablet, not a game made for a console with a controller they don't have. Being able to play old games is cool and all, buit not a driving factor for most people.
Of the differences thus far, here's what I smell as significant (wholly my opinion and worth what you paid for it):
direct usb/media ports vs, a dongle with ports
direct data file access vs. email, itunes or drop-box to move files
Flash support vs. no flash*
battery life
fully open app store vs. gatekept app store**
wide mix of HW to support with Android vs. narrow band of HW for iOS to support
There could be more, hopefully I didn't get too nitpicky nor dismissive of anything significant.
*there might be a few browser apps that supply Flash support, instead of Mobile Safari. Also, one could remote desktop to a PC and use the browser there to run a flash page.
**the trade-off being open seems to be vulnerable to malware, and the gated store bars some apps from being published.
I like my iPad1. I use it more for personal stuff on the couch than for work. But then for work, mostly I need a real computer or a notepad to jot things down quickly. In a way, my iPad has become my "home" computer, and my laptop is my "work" computer.