This is a video of 2006's Sonic the Hedgehog for Xbox 360. Running on a PC. Well, "running".
As you can see, it's a mess. But that's not the point. The point here is that the team working on the Xenia emulator are making good progress, and it's progress that, however slight it seems in 2015, leads us down a path that ends some day with Red Dead Redemption on a PC.
Here's another progress video, this time of Dragon Ball Raging Blast.
Not perfect by any means, but you've gotta crawl before you can walk (or ride a horse).
And remember, while these videos are for an Xbox 360 project, work continues on an emulator for PS3 games as well.