There is no way it'll be as powerful as a PS3. Sure, everything will be relative to the size, such as the fact that it has a smaller screen, but it's still gonna have to be bigger than your average notebook computer to prevent a meltdown after half an hour of gameplay, and to house a battery capable of powering the thing. Like I said, it'll all be relative to the size, but if the 3DS has a shit battery life because of rendering images on the screen twice (the 3D effect), the tag mode, and Gamecube-, POSSIBLY Wii-level power, then the PSP2 battery life will be crippled if they try to make it as powerful as a PS3, which I doubt is even possible in such a small space anyway.
I think a good example here is to look at computers. Notebooks are crap. To be honest, I find them pointless. Laptops are pretty powerful, some even housing two HDDs and fans today, but then compare that to a top-of-the-line desktop computer and they're NOTHING. The way I see it, the PS3 compared to the PSP2 is like comparing a laptop to a notebook - the way I see it, there is a smaller gap between desktops and laptops than there is between laptops and notebooks. That said, laptops still have nothing on desktop computers. But the PS3 is huge and still overheats. The PS3 Slim is as small as they could get the damn thing. Any smaller and it'd kill itself with too much heat too quickly.