That second option was the first that sprang to my mind.

The thing that annoys me the most with the PS3 is before it was released, they were hawking the backwards compatability thing all over the place. Then the option just faded away. If I had pre-ordered one, I would have demanded my money back thanks to false advertising.

With a bit of luck, someone will make a converter or something like what has happend to PSP, but considering how no-one has been able to hack the PS3 yet, I wouldn't hold my breath.