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The "emulation" that the Xbox one is using is similar to the emulation that Nintendo uses for its digital Wii games. They divorced the game part of the code from the game's Wii/360 engine and put it on a new engine to run on the Wii U/Xbox One. This is a slower process then emulating directly because to the engine needs to be tuned to each game to run correctly. The more specialized(i.e optimized) the engine was for the older console the more work they need to do to get it to run on the new hardware.

It's a feet brought to us by the industry adapting more OOP standards last generation which allows for modular like handling of programs. (Plug in play like where you can take out a section of code and insert new code to run on different machines)