Well, when it comes to emulation, it is not too hard of a task to do if you have access to the right tools, in this case, a Nintendo 3DS CTR dev kit and the other tools required. To be honest, the first version of a 3DS emulator we should expect to be able to use would be a basic one that only allows access to emulatable homebrew such as Pong and other basics, we probably will only get limited dev access as well. When it comes to games, well, all that has to be done is rip the cartridge and compress it, but full playability won't be supported for a while since the 3DS is very powerful for a handheld.
Even if this were to be accomplished, there would be other things that would have to be done. The first is making the emulatable 3DS able to play the games ripped, which the emulator would probably need its own CTR decrypter to do so, then secondly the types of computers needed to run the game at full speed. Of course a sacrifice will have to be made, which is the 3D effect, like DeSmuME for the Nintendo DS, which sacrifices Wi-Fi for most games, and limited access if you have a wired connection using an Ethernet cable and WinPcaP.
Mostly, it may be a while. Hopefully the teams behind No$GBA and DeSmuME will be able to do their own work or maybe even together. Both of the teams have done work on the GBA/DS emulation scene in some way or the other, so it will be a possibility. I guess we'll just have to wait and see though.