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A youtube channel by the name of Black Z Studios Electronics Entertainment has several videos showing games like Panzer Dragoon Saga and Guardian Heroes being emulated. Here is an excerpt you can find from on their youtube page.

“PlayStation© 3. SEGA Saturn™ Station Project.

As far as we know, SEGA Saturn™ Station is the only one project that emulates SEGA Saturn™ for PlayStation© 3 in real time at 60 fps HD resolution.

DEMO of a development version. Work in progress. The current version of the SEGA Saturn™ Station emulator produces several bugs with this games such as error calculation in 3D positions, graphical glitches, etc. Also it needs to implements features like RBG screen emulation.” -via youtube page