You may well be right about the emulation choosing emulation as a way to move to new hardware. However, this is much closer to what Castle have done with the Iyonix and Aemulor than it is to Virtual Acorn and emulating the whole flipping machine
Personally I'd be quite happy to see the next Iyonix being a PPC machine with RISC OS 6 and full ARM abstraction. Backed up by an ARM emulator. Given the speeds of VA and the fact that much of the support hardware wouldn't need to be emulated it makes you wonder how fast such a setup would be. Development wise, it's one hell of a task.