Sorry, I should of added this, but how about the PS1 version?
Yes, the PS1 version is. Because all PS1 games are BC on all PS3's. However, the PS1 version was a really really bad Hawk game. Because it was thrown together at the last minute in the last days of the PS1's lifecycle. So, I wouldn't reccomend playing it. Just keep your PS2 out and play the PS2 version of THPS4. It's still really good.