Phil Harrison, President for Sony Worldwide Studios this week revealed that over 1,000 PS2 titles will be backwards compatible with the new spec PS3, which will be released throughout Europe on March 23rd. Speaking with ThreeSpeech he said "The situation is changing every day, but on March 23, we expect the list to include over 1,000 PS2 titles."
The European PS3 will feature no Emotion Engine, and when announced reactions were hardly positive to Sonys original press release which said a limited range of Playstation 2 titles would be compatible. The Emotion Engine featured in the PS3 was also revealed to be a custom chip developed for the PS3, and not just the PS2 chip put into the PS3s motherboard.
News source: ThreeSpeech