One of the most talked about rumors about the PlayStation 5 prior to its launch was backwards compatibility. There were some expectations that the PS5 would come with hardware emulation for all previous PlayStation consoles, whereas the reality is that only the PlayStation 4 was affected. Sony has taken a step to remedy the situation for those gamers who want to play the classics on their PS5 with the updated PlayStation Plus service, but this allows PS3 games to be available only via cloud streaming.
It was recently revealed that Sony may be working on full PS3 emulation for the PS5, thus removing the potentially cranky streaming element from the mix. But it might not be soon, as the PS3 is an infamous developer platform.