ps2 is a definate no no. not even the ps3's can play them without having a 3key or and old backwuds compatable fat ps3. but psp on the other hand i was looking at but still i doubt its gonna work well with what the wii u supplys. i ran ppsspp on a kindle fire hdx 7 (4cores and 2.4GHz proccessor) and it only just about played burnout domination and tekken 6

CPU power because PPC -> x86 and GX -> OpenGL/DirectX
Wii U? Already has PPC processor. Oh, and the GX too.

Doesn't mean it's going to be easier, emulating is a very difficult process, I'd rather use my PC to run Dolphin and not worry about frying the Wii U CPU.

Except you don't need to emulate at all/very few.
That's how Nintendo made Wii Mode possible. That's how Nintendont was possible.

Right, but increasing the resolution internally won't be easy as vWii is limited to one core and 729 MHz for that one (all hardware is downgraded temporarily to match Wii hardware). It uses a virtual machine. People should use Dolphin instead if they want HD gamecube games as I don't see it ever being feasible in vWii mode.