This small point release for Sony's PS3 just fixed a few bugs and exploits, but brought a new feature that allows PlayStation 2 games that needed to install onto a hard drive to do so. Great for those who are still playing Final Fantasy XI. [Kotaku]
you can. Create a new memory card under the games column. Now, your gonna have to play the games and save them like new, but their on the PS3 HDD But if you wanted to transfer already saved PS1/2 games on a current memory card, then year, your gonna have to buy the adaptor.