Ohhhhh if you have a Cell like a videocard then you don't need a lot of emulation because the RSX is a nVidia GPU too... so that't make the things a lot easy.

Even the N64 has issues with some games, but most people do not care (same with the PS2 one). Emulation is not really the big problem right now, is more about the system being hack and being able to play pirated games.

Sony could do with a little hacking here and there.

The ability to hack a system sells consoles.

It will move hardware but it will kill the software sales. It really depends in which you find the most important.

360 was hacked nearly out of the gate and its attach ratio is higher than ps3

Well MS never confirmed that software sales... only Sony and Nintendo show software data.

The PC gaming master race will prevail once again!

Ps4 "Exclusives"? Bwahahahahhaha.

I don't really like people who emulate unless it's a game they would otherwise be literally unable to gain access to. Not because "I don't want to spend money on a system/game." I know it's a bit off topic, but I do not like the attitude I see towards pirating games.

I still have a couple of friends who keep their PSPs for emulation purposes. (They'll get a 3DS once Pokemon hits though.)

1. Emulation
The PS4 won't be easy to emulate because that would mean it is to be emulated on a different architecture - powerpc, mips, arm e.g. That won't happen for a long time, better say never (because nobody will write an emulator for this).
But an emulator isn't neccessary as PS4 uses standard-pc-components. PS4-binaries will run on x64-compatible CPUs, just like a standard PC. The GPU is also standard-AMD (meaning compatible shader-language).
What you would have to do is an "API-Call-Wrapper" - something that translates the API-Calls from the binary to something your PC understands, like DirectX-API-Calls (if they exist, of course). Quite possible but that would be a real PITA and this is why there is no decent "XBOX-emulator" (read: API-Wrapper) - you will have to know all the libraries and write code to simulate these libs on your PC.
2. Hacking
Well, hacking could be a problem for both NextBox and PS4 as they use x64-CPUs - the ISA of this is widely known for many ppl (instead of PPC, for example). There will be a lot of hacking attempts I guess and we will see, if Sony and/or MS will be able to prevent that hackers "open" the system. My guess is that the PKI of both systems will be secure (as it was since first XBOX regarding MS) but obviously cracking the PKI is not neccessary to run "pirated" games.

But let's not talk about this too early, first of all let's play the games!