Hi,
AFAIK, emulating an i386-class processor is a nasty business, and in any event the PXA series lack floating point units (remember the days of maths co-processors?). The architectures are completely different (CISC vs. RISC) so it's not just the instruction set that needs emulating, it is also the hardware that makes a PC... a PC.
Guessing, I would imagine a 400MHz PXA could emulate a 486SX33. With JIT compilation, that might get faster, but there is still an OS to get in the way.
And we know what it's like running Windoze on a 486SX
Arnie