I wish I hadn't noticed this thread - now I feel compelled to correct / clarify the 'information' given by rootwyrm above.

The 'spec' is the
PS/2 Hardware Interface Technical Reference Manual, May 1988. Section 10 page 15 details the PS/2 keyboard (and the identical auxiliary device, aka mouse) connector pinout as having
2 connections marked as 'reserved'. Section 14 page 50 details the SDL to PS/2 cable as having 6 wires connected,
again with 2 connections marked as 'reserved'. (The RS/6000 keyboard uses the same cable, and uses those connections for its speaker).
Reserved... to be truly compatible,
neither host nor device should make any connection to those pins.Indeed that's what we find - as long as a keyboard makes no connection to those pins, it should work on any 'PS/2 compatible' host or adapter. As long as a host or adapter makes no connection to those pins, it should work with any 'PS/2 compatible' keyboard. Other errors may prevent some combinations of host and keyboard from working, but
it's not that either end expects any particular connection or resistance on those pins, as long as they conform to the spec.
The blue cube, BTW, makes
no connection at all to the reserved pins. Plus, it's known to work with Model Ms.
A dual-port (keyboard + mouse) PS/2 connector on a host does not conform to the PS/2 spec. (it has its own spec), but, when the Y-cable is used, the two ports it provides do conform -
no connection is made to the two reserved pins on either keyboard or mouse connector. As a bonus, if a
conformant keyboard is connected directly to the dual-port socket there is absolutely no difference compared to using the Y-cable.
In fact, as long as
either the host or the keyboard conforms and
does not connect the reserved pins, there is no problem. If non-conformance is limited to tying one or both reserved pins to ground, there's also no problem even if both host and keyboard do it. Statistically, I have no idea how many keyboards do not conform, but since most use 4 wire cables, I'd say it's likely that most conform! Anyway, given that only one end has to conform, it's quite feasible that many hosts and/or keyboards do not strictly conform. However, a host (or keyboard) that
depends on having a non-conformant keyboard (or host) attached is not going to be broadly compatible - I'd wager that doing that would be specifically to ensure incompatibility.