Let's assume that they have somehow secretly shipped this "secure enclave" with all machines that will support Win10, and that they have h4xXx0r proof-ed the code to make it impossible to RE the code and implement the protocol directly, presumably we'll still be able to emulate Win10 and have a virtual NIC which spits out the key when it's handed off to it.
You won't be able to emulate the secure enclave, no. That'd sort of defeat the entire point.
It is supposed to be impossible to RE the code for anything useful - the keys are encrypted using the public key of the secure enclave. You'd need to break the chip itself to win, and since Intel knows this, we can assume they'll make it incredibly hard.
Of course, since MS wants this to work on current hardware, not "shipping sometime in the future" we can assume they aren't using Intel SGX. But in theory it's fairly strong DRM.
