Since the 6th regeneration requires some pretty mid/top range PC's (3.5 ghtz even for some PS2 games!) to emulate smoothly, what could the Pyra really hope to acheive beyond that which its former did?
The situation is a little more complicated then that. Of the 6th Generation only the GameCube and Dreamcast could be argued to have relatively mature and applicable emulators. The XBox emulators aren't exactly mature, and Playstation 2 emulation has only started to reach maturity on the x86 platform.
At this point
PCSX2's recommended system is a Core 2 Duo at 3.2GHz or an i3 at 2.8GHz. It's designed to only utilize two cores, and of those cores only one core is for the actual emulation process with the other being for offloading plug-ins and other things that would interrupt the main emulation process thread. The required specs is just a processor with SSE2 and alludes to a base level Pentium 4.
However it should be noted that PCSX2 is primarily designed for Windows and built off of x86 recompilers, and thus work would need to be done to move it's codebase to working better on Linux and with ARM recompilers to even begin to contemplate such things. It'll take a while for their project to get around to that, not to mention increasing the sophistication of their emulator to improve multicore utilization.
At this point the software isn't really there. It wouldn't surprise me if the Pyra's successor wasn't in the works by the time the software would be there to really test the hardware with. Maybe there's a similar project already working with ARM tools and getting their codebase to really multithread, but I'm not aware of it.
What about 3DS and PS Vita?
3DS isn't that powerful.
In the context of emulation I wouldn't be so fast.
The Nintendo DS involved the combination of an ARM9 at 67 MHz and an ARM7 at 33MHz with the DSi only modifying things in terms of cranking the ARM9 up to 133MHz. The ARM7, ARM9, and ARM11 are all single issue in order designs, while the Cortex A8 used in the Pandora is dual issue in order design. So in term of theoretical throughput a 1GHz Pandora could handle roughly 20x the number or ARM instructions a DS can.
As far as I'm aware there are no official stats on the 3DS, but the Internet seems to believe it's a pair of ARM11's at 400MHz, in addition to the PICA 200 GPU was intentionally designed to be programmable. In terms of CPU you're talking roughly 8x the power of the DSi, and 8x the power of the DS. In terms of straight up on a single core, it wouldn't appear to be viable with current techniques.
On the other hand the Dreamcast's SuperH4 CPU ran at 200MHz and was a superscalar dual issue design. So improvements in techniques for handling the multicore processor the Pyra might allow it. Although again such a project would be liable to be reaching maturity in a few years time, even ignoring the issues raised by the increasingly sophisticated operating systems used by 7th and 8th generation consoles.
At least we have a multi-core processor and one core could be used to do the qemu stuff and the other for the game.
I'm pretty sure that doesn't work given what Qemu does, in this context, is translate the binary instructions. Even if you had one core translating instructions and then writing a que to memory for the other core to read, the I/O of going from die to off die and back through the memory bus would result in you effectively losing a ridiculous amount of your potential cycles while the thread is locked and waiting on memory meaning that the processor is effectively stalled in the mean time.
What you could do would involve trying to find some way to split off process threads so they could be split off to multiple cores, but that not exactly a simple thing to implement.