Here's the thought I had today. All I can do is think since I haven't got my pre-ordered system yet...If Microsoft can make an XBOX emulator for the 360, what keeps someone from making a PS2 or Gamecube emulator for the 360? I know it would never be sanctioned by M$, but can you imagine how popular the thing would become if it could be backwards compatible with everything? Someone has to be working on that!
