According to the lead developer on the Xbox 360 xenia project has recently made some promising comments about emulating the seventh generation console from Microsoft, noting on a hacker's thread [via Reddit]... 

“Author here. Yeah, the readme is meant to scare off people. Even with it I still get people on IRC or email asking me if they can play game X or where they can get a copy. The note about no downloads is for all those who download 360 emulators from shady YouTube links and such - there's a surprising number of fakes packed with malware and viruses floating around. 

“Status of the project is that it's coming along well, after a long period of inactivity. Many games get to title screens though don't draw much. I'm really hoping AMD gets its shit together and releases Mantle soon, as that will make emulating the GPU related things significantly easier.”

http://www.cinemablend.com/games/Xbox-360-Emulation-Coming-Along-Says-Dev-Team-61881.html

If they succeed MS should throw some cash at them (I am sure it wouldn't take much) and get it up and running on the Xbox One.

I would switch to the new generation far more quickly!

360 IZ D00M3D!!1!1!!!11!!!!!!!!!!!!!1!111!!!!!!!!

Well then.. better get an AMD card then..

PCs will be way too low to emulate 360 for several years. Still nice to see people are working on an emulator but it will be way too slow, even if it will work somewhen.