This is unfortunate as a decade ago Microsoft had an internal emulator for Xbox 360 that ran at near native speed.
I am curious if that emulator is what it used to play Xbox360 games on newer x64 based Xbox models, or if they are using a different code base.
Either way, technically it is possible for the experience to be good!
edit: Here's an interview with platform lead Bill Stillwell that goes into a lot more detail https://www.eurogamer.net/digitalfoundry-2017-xbox-one-x-bac...
That would've been awesome!
By that time though my org had spun out of Xbox to become the Microsoft Band team, so we didn't get any of the cool invites anymore. :(
The 360 could also play original Xbox games without much exception, but it was noticeably slower than the original. Halo 2 on 360 has a shorter render distance.
I remember there being a list of what it could play but I was never too sure how comprehensive it was. I know it couldn't emulate Midtown Madness 3.