Yes, the best thing that could happen to emulation latency reduction would be the creation of a skeleton OS framework. Something that piggybacks and can use existing Linux or BSD hardware drivers, but puts the emulator in kernel space and lets it manage the hardware as directly as is practical.
I talk about this briefly in my infeasible section. But I'm mostly referring to myself there: I just don't have the skill and the time to write my own real-time OS for this.
However, I do hope that one day we see a serious project that isn't just "lightweight Linux" (eg Lakka, etc) or something running on top of DOS.
I presume that 98% of emulator users aren't going to be willing to boot into an "emulator OS" just to play games; so it's going to be a lot of work for a little gain.
In that vein, the ultimate latency reduction would be an entire FPGA emulator, like kevtris' FPGA NES (http://kevtris.org/Projects/console/video/page1.html), but now you're approaching extreme effort for a userbase of maybe ten people :/