> The point is that it's still HLEing all of the imports (like CXBX).

You have a fundamental misunderstanding here. HLE in the style that CXBX does it is not possible for 360 games as every userland library is static linked and LTCG is enabled by default (maybe required for MS cert?) for release builds. Nearly everything is inlined and impossible to replace with calls to matching windows APIs as a result. Xenia and rexdex both emulate the kernel at the syscall level and don't touch userland at all.

> Just going the extra mile and full system emulating pays massive dividends.

Maybe for security research and correctness purposes, it has little practical value for ps3/360 gen emulation and beyond.