I won't go into detail, but rendering in emulation.
You may be thinking that 3D acceleration is suitable for this, but unfortunately OpenGL ES 2 is not well suited to this task, both due to technical incompatibilities and trends towards high overhead for certain tasks (like reading back the framebuffer into CPU visible userspace memory). OpenCL et al may prove differently but I'm not sure how useful it'll be in the most immediate next generation of handhelds.
It's not a game breaker or anything, I'd just prefer to have NEON.
Which handheld parts have separate video memory? Tegra is unified, and there are extensions for things like render to vertex buffer etc. There may be issues implementing an emulator, but memory hierarchy isn't one of them.