EMF is a description language of computer hardware, plus the tools necessary to convert it into code. By describing a processor, for example, in a structured fashion means that the EMF software can automatically generate an emulator for that processor in any given programming language. Furthermore, it can use the same description to generate an assembler, disassembler, memory monitor, and other assorted tools.
With future software it is hoped that cross-emulation will be possible. So, given the EMF description language for both a Z80 and a 68000, the software will automatically generate a Z80 emulator for the 68000... or even a 68000 emulator for a Z80!
Therefore, it will be possible to use the description file to automatically disassemble one program in Z80 (for example) and re-assemble it into either 68000, or C++ code, ready for native compilation.
And yes, there are pieces of magic that let it run self-modifying code as well.