Just found out a big problem with porting UniPCemu to the PS3: it uses multiple threads at the same time.
UniPCemu uses threads for all kinds of things (timers (virtual keyboard mapping updates, framerate display, settings menu(mandatory), debugger). In this case it's probably trying to start the initialization handler (which is in the settings menu thread), but the PS3 only has one thread available. So it can't start the thread to initialize the emulator right now.
Edit: Hmmm... Fixing timers to be handled on the main thread still doesn't allow the settings menu thread to start properly somehow.