The circuit below is only needed for regular PS/2 mouses which in most cases must have 5 volt for the optical stuff to work. Many keyboards and USB-to-PS/2 adapters will only need 3.3 volt, which is the default on STK1000 PS/2 ports.
USB-to-PS/2 adapters will need a hack where you power the adapter with a 5 volt regulator, but the I/O lines can be 3.3 volt.
There is now released an appnote by Atmel about using the PSIF as a PS/2 driver in Linux.
See the attached PDF file for some insight into the PS/2 protocol.
Some URLs with good information about the PS/2 protocol:
The patches below are made against Linux kernel version 2.6.24.atmel.1.