Hey, Is it possible to run retail games on PS3 Reference Tool unit? From what I read on the internet, yes, but it's very complicated and not really worth it, but maybe there's some other way? Also, is it possible to install debug discs on the HDD somehow, like on X360 XDKs?
You can run games from hdd, follow the Link: http://assemblergames.com/l/threads/using-ps3-bdemulator-for-dex-test-tool.50203/ And yes you can start retail games, depending on the firmware.
You can run retail games just fine assuming you have the original disc, you however can't install them to bdemu or run them from app_home unless you decrypt the binaries first and run them through make_fself. You should also note that they do not install retail game packages, therefore you need to convert them to debug for them to install, this includes game updates.