We haven’t had to integrate PeopleSoft, but we did do a large Siebel/SAP integration into SPS using custom web parts making calls to and from Web Services. I’m not entirely sure, but I believe that PeopleSoft 8.x exposes web services. If this is the case, then the integration is pretty easy as long as you make sure that your compiled web part resides in the GAC (or you decide to use a custom policy file). In either case, this is rather easy to do.
If you don’t want to go the custom web part route, then you could use an ASP.NET page to get the data from the web service, return the data as text/xml and use a XML Web Part with a XSLT stylesheet to render the data from PeopleSoft.