I agree that a wii emu would be cool. If someone could program an all-in-one bluetooth plugin for the emulator (much like Blue Soleil on pc) then control would be as easy as plugging in a usb bluetooth adapter and syncing the controller to the xbox. Oh, but I dream. lol. In all reality I would much rather see the pcsx2 emulator ported for 360, or at least a ps1 emulator. epsxe port perhaps.
Actually come to think of it, isn't there work going on for a ps1 emulator called psx4all, it seems that with the large variety of platforms it supports, that someone would be able to port it to 360 fairly easily. Although I have no idea what kind of work goes into programming for the 360. I do know this though, if the original xbox could play ps1 games, then the 360 should definitely be able to as well.
...still waiting for NES emulator. lol.