We have touch base on this subject a few months ago and this month RPCS3 has released a new update for the PS3 emulator. There are still glitches in some games, but it’s a work in progress. The newest update seems to be be running some games with very few gfx bugs as seen in this video of After Burner Climax.
Now like most new emulators you are going to need some top notch spec in your PC to get the best results. The absolute minimum requirements for running the program are 64-bit OS, a modern x86 CPU that supports SSE2 (and SSE4 for the recompiler) and a OpenGL 3.3 compatible graphics card (integrated GPUs such as the Intel HD Graphics don’t work for now).
RPCS3 cannot run commercial games yet because it’s still in an early stage of development. A lot of features required to run commercial games still have not been implemented. Commercial games will be supported when the hardware/firmware emulation is accurate enough to run them. It all depends on the amount of developers working on this project, their skills, and free time, etc. so ignore any estimates and guesses you find out there.
All in all, it’s still a great start to the PS3 emulator and it seem to get updates every so often which is good. You can see is this video of Dragon Ball Z Burst Limit there is still a lot of work to be done with it. You check out RPCS3 here and I’ll put up the download links to their lastest update below the video.