Well, the xbox is much more powerful than the PS2 so it'd be even harder to emulate at full speed... even if it's running a modified version of DX 8.1....
Of course overhead is important, but if something is twice as powerful as something else, and creates half the amount of overhead... it's equally hard to get to run at the same speed :OSo what? And the PC is much more powerful than both of them.
The interesting thing is the amount of overhead emulation creates, and that should be far less for xbox-emulation than for ps2-emulation (or every other emulator).