I am still waiting to buy my 360 it's gonna be sweet can't wait. Anyways I was thinking that when the new system gets cracked somone needs to port PCSX2 the PS2 emulator to the 360.
With the 360's power it would run great plus you could upsample the resolution to 720P and have full scene antialiasing.
Picture GT4 without jaggies or killzone without slowdowns and lag. Plus how much better the games would handle on the 360's controller