The hardware will have to be a focus, just because it's ridiculously far behind everything else. It's unfortunately the area where RISC OS developers have the least impact, since they aren't designing the processors. When it gets to the stage where an emulator can do everything faster, and cheaper, than an Iyonix, there will be no logical reason for keeping it, only emotional ties to ARM based systems and mostly paranoid fears about Window's reliability.
Trying to deny that, or to say we should not have the emulator because it can do a better job than the native hardware and will therefore damage it, is just burying your head in the sand. To be blunt, if it can't compete on any level it deserves to die.
I hope I'm just being a pessimistic scaremongerer. We'll see.