360 Genesis emulator in development

Ah the Sega Genesis. For many gamers, there are no fonder memories than the 16-bit days of yore. Altered Beast, Golden Axe, Sonic the Hedgehog. Hell, back then Sega even made decent RPGs (what the hell happened to those anyway?). Perhaps you find yourself in a similar nostalgic boat. Maybe you're sitting there with all of those incredibly legal backup copies of your old Genesis games and looking for a way to play them on your Xbox 360. If so, you may soon be in luck, as a CodePlex user by the name of GrahamStoneman is currently working on a Genesis emulator for the Xbox 360. The project is currently still in its early stages -- it doesn't actually play games at this point -- but GrahamStoneman hopes to create a fully functional and full speed emulator by the time the project is finished. Graham Stoneman is looking for collaborators, so you may want to check it out if you're interested.

Our only question is how such an emulator will be executed on a 360? The project entry makes no mention of XNA (which has been used to create other emulators), so we're curious if the emulator is expected to run through Microsoft approved means or via an exploit.