I've tried to put this to rest several times for a few simple reasons that I shall repeat now:
1) All current 'Emulators' are viruses.
2) The 3DS is current gen, making it ethically wrong to emulate it.
3) Current DS Emulator creators still have problems (Desmume and No$GBA), and thus will be more inclined to fix current problems than start on new things.
4) Anyone competent enough to hack a 3DS would have to own one, thus taking away the reason for hacking it.
Simply put, I really don't believe this. And even if it is true, it would not be an emulator as it is on the same system. An emulator would be 3DS on PC or other system.
1 - No. I can name a entire list of current emulators that are not viruses. Current 3DS emulators yes, but not all current ones. Overly broad statement - You need to watch out for that.
2 - Didn't stop a whole list of other systems. gba, ds, gc, ps2, wii... All of those were current gen when the first emulator came out.
3 - Yes, and? These groups will be inclined to work on, perfect, their emulators. But that won't stop other groups from starting their own projects. That said, no$gba still had some kinks to work out on GBA emulation. Didn't stop Martin from adding in DS emulation.
4 - Yes and no. Depends on the type of hack they are working on, and why. They might be hacking it to try and remove the region lock. They might be hacking it because hey, why not?
Anyway, it's progress. It's not a emulator, but a working flashcard is a good start. I can't remember the exact dates but I do think that the DS also had a flashcard released that played commercial games before a emulator that could play commercial games was released. They were crap compared to later cards though, but they still generated more interest in DS hacking. Even if the flashcard doesn't provide helpful information for making a emulator, the additional interest in 3DS hacking that it will spur on will be of help.
Edit - The real limiting issue though for 3DS emulation will be hardware. The hardware requirements jump a lot per generation and they don't really scale equally over generations. Compare the hardware the GBA is based on, and the minimum hardware required to emulate it. Then do the same with DS hardware, and compare the results. The scaling is a lot diffrient between the two. It's going to be even worse for the 3DS.