I just beat Bully. And I spent 15 bucks on a memory card adapter for the PS3, which is officially the biggest ripoff in gaming considering that you use it once, maybe twice, and then have no need for it anymore.
Nope. Since they let files be transferred back and forth it's not that much of a ripoff. Depending on how you use it (like putting it back on a normal memory card to take to a friend's or returning to the PS2 due to issues with BC performance), it could be fairly handy. However, before they enabled that feature yeah, it was useless after those transfers.
Also, who knows. Maybe someone figured out how to make it work on a PC finally. Makes it fantastic for everyone who wants to back up saves but has no PS3 or PS2 HD, and is semi-legitimate that way.