I now have a PS3 and Drakan does not work on it but however it works fine bar a crash or two on the PC emulator PCSX2.
The reason is quite simple . Only the very first generation of the PS3 had an - so-called - "emulation chip" (or at least I know it as such) on board, so that the PS3 is able to play older PS2 games.
They soon omitted that "chip" for costs.
Now, I heared there should be some sort of "software emulation" on newer PS§s, but that appears to work only for selected titles, I've read once.
From the Wikipedia article (slightly hidden within a wall of text) :
Like the South Korean and European models, the North American 80 GB (2007) model also excludes the PlayStation 2 "Emotion Engine" CPU chip.[71] However, it retains the "Graphics Synthesizer" GPU.[76] Due to the elimination of the "Emotion Engine", the level of compatibility was reduced.[71] The 40 GB, 80 GB (2008) and 160 GB models have two USB ports instead of the four USB ports on other models and do not include multiple flash card readers, SACD support,[77] or any backward compatibility with PlayStation 2 games.[71][78] This was due to the removal of "Graphics Synthesizer" GPU, which stripped the units of all PlayStation 2 based hardware.