To correct some misinformation ( as there is an emulator)
There is a Saturn Emulator for the PS3, but its about useless in terms of playing a game and enjoying..
It has very low FPS and is very very very slow (if a game does load, very few will even load.)
bubble bobble was one game i knew would boot.
The last Mednafen port from Robo Hobo has an experimental Saturn core.
It need bios (even bios screen is choppy and slow if i recall)