Slashdot has an excellent story on the very real possibility that we will see an Xbox One or PS4 emulator soon, and likely before PS3 or Xbox 360 emulators.
Vanik doesn’t have specific plans to develop an Xbox One or PS4 emulator, but is intrigued by the possibility. He is excited that both new consoles use AMD x86 CPUs, similar to the chips in most laptops and desktops (except that PCs generally use Intel’s x86 chips). The new consoles both use AMD Radeon graphics processing units as well, which is also good news because AMD’s “Mantle” API makes it easier for developers to write code for the chips. Finally, Vanik expects that the hardware virtualization readily available in today’s PCs will let emulators run without needing a computer four times as fast as the console.