About time they announced this. So sony have been working on this for a while now, they just finished with their QA testing in Liverpool 2 weeks ago. Here's basically what I know:
- No remastering, just smoothing/screen size options like PS1 emulation.
- Not all games are supported, shadow of memories & Hitman 2 are examples of games that just didn't work and they don't plan to try and get them to work. They also seem to be covering a huge list of games even fairly unknown games like The Seed: warzone.
- No button remapping options, like PS1 emulation, for now.
- No trophies or anything along those lines.
Apart from that everything should be what people are expecting. There doesn't seem to be any bells and whistles on it, it's straight up PS2 emulation.