That does sound very possible. But first someone has to make a fully playable GC emulator. which seems to be very close. I wonder when one really comes out so I can play some GC games I never got around to. :D
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It isn't fake, but the only inconvenient is the lag, because the motion has to go through a pile of processes and plugins.
I think the figures of 10-15 are realistic alnong the high level emulation paradigm. If computer technology advances faster, then yes 7 years could be possible. I dont know if HLE is the way to go here. We all rememebr the ultraHLE event, now that was unexpected. I think we may see a new tread in emulation, thus granting us the ability to emulate such hardware. I'm sure we will see a GC emulator before WII, but like others said it wont be the game pad that holds it up.