The PS3 is plenty powerful to emulate PS2 game...
Maybe they brought the compatibility rate back up, as the initial rate was pretty low when they began replacing the PS2 hardware with software emulation.
To be fair, PS2 compatibility on the Slim PS3 sucks. Most games don't work right and even for those that do most don't have memory card support and are slow. Oh, did I mention that you must plug your ps3 controller in via USB to play them?