The team responsible of the software emulators probably is the same that was working in the emulators for PS4, PSV and PS3
They takes the source code of the previous playstation and "ports" it to the new playstation + improvements and adjustments for the new architecture
But that team probably is splitted in 2 groups, the "experimental" team are the ones that moves sooner to the next playstation (this ones moved from the PS4 to the PS5 more than a couple of years ago), and the others are kept in the previous playstation for manteinance for tasks like:
-bugfixes
-specific code "hacks" hardcoded in the emulators
-backporting new ideas from the experimental team
-etc...
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If you think in it like a long time project (that lasted since years ago and across different playstation platforms)... is like imposible they are going to throw all that work out of the window
Is just they are either going to announce a high compatibility in a special event for fireworks... or they doesnt have the emulators completly ready
Anyway, i think they are going to implement the software emulators along the PS5 lifetime
I don't doubt they will implement some form of digital BC but I doubt it will be as consumer-friendly as you guys expect.
PSN-Store exclusive only meaning you can't expect to be using your old ps2 collection or any physical media.
Sony only releases a fraction of the games as PS2/PS3 classics and many games are never released due to licensing or emulation issues.
Take GTA Vice Cuty and San Andreas for example where they removed songs from the radio since the license expired.
PS4 had worse ps2 compability than PS3 (non-bc software emu) but atleast it improved perfomance and resolution in some games. Jailbreak is a must of course as an enduser to use this feature on ps3/4 to the full extent possible
My wish would be full BC compability with improved perfomance and resolution. Then I would buy the PS5 on Day One.
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