IBM has also done fabulously well emulating various old mainframe operating systems.
Emulation strategies are never the be-all and end-all, but if you want to be a "successor for X", you need to have an emulation story.
Emulation, virtualization and dual-booting are a very large part of the reason of the success of OS X. A Mac is the only machine that will run OS9, OS X, Windows & Linux software. So people buy one knowing that they won't be stuck if they end up not liking OS X or needing a critical app. Then they end up staying on OS X.
So to be a successor to something, you need to:
1) have an emulation or virtualization story so that people won't be afraid to switch
2) be significantly better so people end up not actually using the emulation or virtualization.
Technically, you are incorrect. You can't run OS9 on the Intel machines and you can't run Windows on PPC machines.
You can probably find a decent "classic" option for intel macs if you look hard enough, but that wasn't the original point.
This is not like Xbox360 being able to run Xbox-1 games. This is like Xbox360 being able to run PS3 games. Big difference. I don't think Xbox360 would've been successful if they said "Here we have 5 games of our own, and 100 from PS3". I think most people would've still gone with the PS3, if it had that many games at that point compared to the Xbox360, instead of dealing with PS3 emulation for Xbox360 just to get those 5 extra games.
When I started using Linux, having a working DOS emulator was a very significant issue for me. Today, many Windows games work just fine under wine, not to mention actual applications.
I think it's a big deal for the changers.