There have been rumours of a PlayStation phone for a while now but it looks like Sony has been pipped to the post by everyone's current favourite mobile device, the iPhone. Okay, so it isn't what you could call the world's most elegant solution, due to the lack of buttons on the device, but nonetheless a working PSX emulator is a novel tech demo if nothing else.
The emulator, as with all third-party apps at the moment, requires a hacked iPhone and is currently only in pre-beta stages, so information should be taken with a pinch of salt. Still, being the trusting type I am, and taking into account that the developer, ZodTTD already has a working PSX emulator for Windows out there, I'm happy to believe we'll see the app pretty soon.
Information on the ZodTTD website states that the above screenshot is not representative of how the final program will look, which is reassuring because frankly it looks crazy hard to use right now. Apparently around 75 per cent of PlayStation games should work with the final release and performance is said to be pretty good. Of course I can't condone using the Jailbreak hack on your iPhone and thus can't suggest anyone check this out when available. But I expect a person who could, would.