Also, I would like to keep all of the product info I currently have in my PS2, but I am not sure if the two databases are compatible. Am I able to retain the PS2 product info and load it into the PS3 database, and if so, how can I do it?
You only need to add CREATE VIEW privileges to the user account for your database. The installation checks to make sure this is available.
If you can't do this through your control panel, you can try the command line approach.
Adding CREATE VIEW and CREATE ALGORITHM privileges
It just depends on what your host allows. You don't often have much control of things when using shared resources.
Here are some tips for selecting a host:
E-commerce - Getting Started Guide
From the FAQ: