Ok.. I'm gonna try and set this straight.. the Xbox will NEVER emulate a ps2..
You guys are just looking at numbers.. All in all the ps2 is Almost as powerful as an xbox... the ps2 uses a RISC processor running at 300 Mhz
RISC: Reduced Instruction Set Chip
You Xbox has your Intel Based X86 instruction Set That has to be Backward compadible with all your Legacy crap.. All in all
the 300 Mhz Risc chip is gonna Probibly come close to processing the same amount of data as your xbox 733 Mhz x86 CPU. Getting your Xbox CPU to Emulate not only the 300 Mhz risc, but also the GPU and I/O will be near impossible without some crazy shortcuts (recompilation).
Oh yeah.. Ps1 should be easy.. as your little psone runs on a 33 mhz risc.. should be no prob for your xbox... just wanted to set the matter straight once and for all.. If you want to dispute this.. Come up with some good claims...
-Marcux