According to http://slashdot.org/topic/cloud/the-quest-to-build-xbox-one-and-ps4-emulators/ It seems that emulation is going to come a lot sooner than I thought. Sadly I think that this is going to be a hey I can do this so now I'll stop. Thoughts?
Was there even a PS3/360 emulator or were they all non-legit? Still being able to play some of the exclusive titles would be great. I just wish that no title is exclusive to a certain console then emulation wouldn't be needed at all.. (apart from the older titles on n64 etc)
Current gen consoles are getting closer to PC now but I'm assuming this will still take months or even years to finish. That's if they even finish it at all...
IIRC PS3/360 emulators exist for homebrew only. Licensed games don't work on them, yet. That said, the architectures on those machines are weird, so it will likely still be easier to emulate XB1/PS4 than the previous generation.