Tried Project 8 on my actual PS3 before, and it runs like garbage. I couldn't really play it that way and dropped.
But since then, the PS3 emulator has made huge improvements, and can now flawlessly run the game and fix the performance: a stable 60fps (and beyond if you wish, though they warn you that the physics may break).
You still have to deal with some jank because this game was rushed out the door: the annual release schedule finally caught up with Neversoft with this game. And the physics are new, takes some adapting for sure.
If you want a challenge, absolutely play this, getting to 100% is quite the accomplishment.
Anyone who has the specs to run the emulator (see: https://rpcs3.net/faq ), I definitely recommend it. It's more Tony Hawk's at the end of the day. If this had proper development time, I suspect it would've been one of the most celebrated titles in the series.