Console manufacturers have a love-hate relationship with emulators. On the one hand, they hate the piracy that empowers them. On the other hand, some of them have actually powered their own mini-retro consoles. While Microsoft does not (yet) have such an "Xbox Classic", the Xbox One may be the next big emulation darling. Simply because it is almost too easy to run the RetroArch emulator on it, no jailbreak is required.
RetroArch and the Libretro team have gained notoriety in the emulation scene, not just by emulating a single console or platform, almost all imitates. RetroArch itself is a frontend that uses the Libretro platform, which can use different "cores" to emulate almost everything and everything (this is supported). In other words, it's a powerful one-stop shop for machine emulation, so to speak.
Of course RetroArch is just the software and needs hardware to run on. Another strength of the software is that it can run almost anything, including consoles. But there is a catch. Most of these consoles must first be broken in jail before RetroArch can unfold its magic. That makes the last announcement of the team something special. You do not need these hacks for the Xbox One!