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RPCS3 is an open source PS3 emulator that has been making massive progress the past year. Many games are becoming quite playable and the dev appearS to now be working on their emulator full time. There is still a lot of work to be done, but many games and their compatibility are really starting to come together. Some games run better than others, some games need uber excellent hardware to run smooth at all. But with time, this emulator appears it is destined for optimized greatness.
Below is a demonstration of Silent Hill: Downpour running on the RPCS3 emulator pretty nicely, but with some obvious stutters and other rigid operations. You can see a full list of compatible games here.