Without getting into an argument noname (since I don't completely doubt you on this), I would just say that the WiiU will be pretty close to a cutting-edge PC from a capability PoV. Add that a PC with a card lesser than what the WiiU is getting can run Dolphin, I wouldn't see SW emulation as so unfeasible from a technical point of view. From a tweaking and labor-intensive point of view, yeah you're probably right.
As for hardware emulation, that would require HW designs that would affect the WiiU's design, and since the 3DS is graphically intensive, that wouldn't be non-trivial (in contrast with the 3DS HW emulating the DS). I kind of agree with you. but even then, we really don't have all the details and can't say for certain. At the same time, the WiiU is BC with the Wii, which is BC with the Cube, and since the 3DS graphics are close to Cube graphics maybe the architecture is not all that far, but this point is probably a horrible stretch of logic and that isn't something we know either (example questions, can an ARM architecture be emulated by a PC CPU architecture?). I'm just thinking out loud, but yeah I don't know.