Given that Apple has full control over the CPU itself, I wouldn't be surprised if the first ARM Mac has a CPU with a handful of extra instructions which bridge the performance gap. I bet they already did extensive profiling of x86 code from any major app (esp. those submitted to the app store) and identified 5-6 instructions (to be made available to the emulation layer only) which avoid some of the most expensive translation / abstraction / emulation steps.