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The only reason why the PS2 was in production / supported for so long was because Sony's plan for the PS3 to be fully "backwards compatible" through software didn't work out.
The first 60GB PS3s had the PS2 chipset built into it for backwards compatibility, then the first 80GB model removed most of the PS2 chipset save for 2 vector processors with mostly software emulation for backwards compatibility. After trying to fix the software emulation issues through firmware updates Sony realized that it would never be 100% backwards compatible due to certain games being coded in a non-standard PS2 fashion. This is why every PS2 game going into development after 2008 had to be coded in specific way to ensure compatibility with PS2 software emulation on PS3s. Eventually, Sony gave up on PS2 software emulation altogether and decided to continue PS2 production so long as there was enough demand.
I should note that it's very likely the PS4 will not be backwards compatible with either PS2 or PS3 games. Original PS games are already being ported to other platforms and should be available to the PS4 when it finally comes out.
The first 60GB PS3s had the PS2 chipset built into it for backwards compatibility, then the first 80GB model removed most of the PS2 chipset save for 2 vector processors with mostly software emulation for backwards compatibility. After trying to fix the software emulation issues through firmware updates Sony realized that it would never be 100% backwards compatible due to certain games being coded in a non-standard PS2 fashion. This is why every PS2 game going into development after 2008 had to be coded in specific way to ensure compatibility with PS2 software emulation on PS3s. Eventually, Sony gave up on PS2 software emulation altogether and decided to continue PS2 production so long as there was enough demand.
I should note that it's very likely the PS4 will not be backwards compatible with either PS2 or PS3 games. Original PS games are already being ported to other platforms and should be available to the PS4 when it finally comes out.