...and I'll happily disagree with some of his choices.
Amiga 500 - uaex
Only Amiga emulator available on the Xbox.
Arcade - MAMEoX
This is where you'll see alot of disagreement. While I agree for the most part with the ease of use of Mame-X compared to Mameox, Mameox uses the more recent build of the MAME code, supports more arcade software, and is generally more stable. Shadowland had also pointed out that some sidescrolling raster-based games seem to run smoother on mame-x, but I couldn't see it. MameoX also has better support of Midway games like Smash TV and Mortal Kombat 2, and plays vector-based games like Tempest more accurately.
Atari 2600 - Z26
Better compatibility than Stella, and soon to be updated with Xports
recent menu.
Atari ST - WinSTon
Currently the only Atari ST emulator on Xbox, and likely to be updated with Xports recent menu.
Gameboy Color/Gameboy Advance - XboyAdvance
Great GBA emulator that also emulates GBC games. Plays games fullscreen, and has good speed, outside the graphically intensive games like Tony Hawk, and Ecks vs. Sever. GBC games are flawless. Quite recommended.
Genesis/Sega CD - either Xenesis or NeoGenesis
Both of these are excellent. NeoGenesis uses Xport's rediculously configurable menu, and has great compatibility. Xenesis also runs most Genesis and Sega CD games wonderfully, and some people view Carcharius' menu as being easier to use than Xports.
Master System - SMSplus
Wonderful menu, exceptional compatibility. It doesn't emulate the FM sound found in japanese Master Systems, but other than that, this is great stuff.
Neo Geo - Kawa-X
Absolutely the best Neo Geo emu on Xbox. With the capability of playing the majority of Neo games almost flawlessly, AND being able to play Capcom's CPS 1 and CPS 2 arcade software, this is an essential emulator for your Xbox.
Nintendo Entertainment System FCE Ultra
Using a lovely Super Mario Bros 2 theme for the menu, this is one of the best NES emulators out there, for either PC or console. It has much better compatibility than Nester, and supports MANY features like savestates, and screenshots. Other than a lack of lightgun support, this is as close as you're going to get without getting the original console.
Nintendo 64 UltraXLE
The main reason why I'll agree with this being the better N64 emulator (right now), is that for the few games that it emulates (Mario 64, Mario Kart, Wave Race), it emulates them well. PJ64 emulates a far larger amount of games, but most are too glitchy for my liking. This will probably change when the emulators are updated.
Playstation - PCSXbox
The only Playstation emulator available on Xbox.
Super Nintendo - xSNES9x
One of the original emus on the system, and still one of the best. With a high level of compatibility, gorgeous GUI, and pending update, Its the SNES emu of choice. Just don't play it on a progressive scan TV...
Turbografx-16/CD - Hugo
Also recently updated sporting a new interface, this is really the only TG-16 emu on the Xbox, not including the earlier versions ported by the same coder. While the original emu that this is ported from doesn't have the best of compatibility, it has excellent speed, and plays both "iso'ed", and original Turbo CDs fairly well.
I'd also like to mention that Final Burn is also a wonderful CPS 1/CPS 2 emulator, that plays some great shooters that neither Mameox nor Kawa-X emulates, such as Guwange, and Esp Ra De. Definitely worth checking out.
My two cents...