You can't compare it to emulating a PSX either, because simply put, the Saturn was the more powerful machine of the two.. It had more processors and more RAM. By default it was the more capable machine, and if Sega had not screwed up all its marketing attempts, would have been a great life long contender against the PSX.
Also you need to realize that game consoles up to this point in time, were using highly customized RISC CPU's which are completely different from x86 CPU architecture. RISC CPU's are highly efficient at mathematical calculations and a lot of the stuff involved in rendering graphics, and it takes a great deal of extra power to match the capabilities of a RISC CPU when you are emulating the chip on an x86 platform.