Unless you only plan on playing just a couple of specific games (in which scenario I'd recommend using rpcs3), I think a ps3 could be a cool investment.
The console itself is easily hackable and pretty good at emulation ~and piracy~ It's got a ton of amazing games and might even run quite a lot of ps2 games.
You could probably find one for even less than $120 so if you have some money you want to spend on games a ps3 is totally worth it
Ok, i want the croc now