The SoC is a Broadcom BCM2835. This contains an ARM1176JZFS, with floating point, running at 700Mhz, and a Videocore 4 GPU. The GPU is capable of BluRay quality playback, using H.264 at 40MBits/s. It has a fast 3D core accessed using the supplied OpenGL ES2.0 and OpenVG libraries.
If that doesn't emulate an MSX smoothly, fix the emulator! (or grab a better one).