The reason the CPU needs to be so powerful and the graphics card can be relatively weak is that the CPU is the one doing all the emulation. When the graphics card draws graphics, it doesn't 'know' those graphics are coming from an emulator. The CPU has already done all the work of translating the game's graphics code into DirectX (hopefully OpenGL in the future, as well) function calls, so the graphics card displays the emulated game the same way it displays any graphics - it doesn't have to emulate anything. And since Gamecube graphics are fairly dated, most decent graphics cards can handle Gamecube graphics, as long as they support the features required by the graphics plugin.