The primary demands of an emulator are the amount of times per second one processor must synchronize with another. An emulator is an inherently serial process. Attempting to rely on today's multi-core processors leads to all kinds of timing problems. Take the analogy of an assembly line: one person unloads the boxes, another person scans them, another opens them, another starts putting the item together, etc. Synchronization is the equivalent of stalling out and clearing the entire assembly line, then starting over on a new product. It's an incredible hit to throughput. It completely negates the benefits of pipelining and out-of-order execution. The more you have to synchronize, the faster your assembly line has to move to keep up.