A lot of older consoles (and especially arcades) had a lot of other chips that did things, so your one-CPU computer has to co-ordinate a half-dozen virtual chips. You ever see an [orrery](https://upload.wikimedia.org/wikipedia/commons/8/88/Orrery_small.jpg)? It’s a model of the solar system, when you turn a handle all the planets and moons move as they do in reality, using a huge series of gears. Now imagine you have one of those, but all the gear teeth are missing. You could still use it, you’d just have to move the handle a teeny bit, then see what the gears *should* have done, and move the planets appropriately. You can imagine how that’s a lot slower.
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