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@Bryant BcPull
My statement stands "emulation is a form of virtualization" it is not the same as a hypervisor that is true, but it does create a virtual hardware abstraction layer for the emulated software to run on.

As for the Xbox One Microsoft themselves said it was an emulation with a virtualized dashboard.

The OS on the Xbox is a hypervisor with a common code front end similar to what VMWare used in Unity for VMware workstation so you could run applications running in virtualized guest systems as if they were on the desktop.