I am pondering the idea of a Wine-ish compatibility layer on Android. The idea is to run Symbian apps on it as both OSes share ARM hardware.
I have no knowledge of Symbian but I think that given the hardware capabilities of Android devices this could be done with less effort than Wine's windows emulation.
What would be the most significant difference to overcome in this emulator? (threading, storage, ...)
The real problem is not going to be code execution, but the API's to do things like graphics, interact with hardware, accept input, etc. If you have documentation of the original and android has the capability, API translation layers would be possible.
But android's security model outright prevents a number of things that are possible on other phone platforms, and combined with it's "java apis only" allows only inefficient means of doing things that can be done more efficiently on others.
This is of course all about application-level emulation/api translation. If you are willing to modify the android platform itself, supporting just about anything else for which you have documentation (and licensing?) within the hardware capability of the device should be possible.