It's playable on PCSX2 if you have a good PC. as in, core2duo at 3.0ghz or higher, 8800 series or higher, 2gb+ ram.
but I'm not sure if it's worth it vs. a PS2. you're still going to get glitches, run into little problems that require trips to ngemu to troubleshoot, and even after ironing that stuff out, it won't run perfectly. It all depends on how much abuse you're willing to put up with. It will look nice though.