The 601 doesn't have anything built into it, just the onboard Apple ROM. 
A slight correction, it emulated a 68EC040 since the PowerPC handled MMU functions natively. The MMU-less EC 68k variants didn't see use in Macs, but did appear in some Amigas.
http://en.wikipedia.org/wiki/Mac_68k_emulator
On the subject of Amigas, they were actually the fastest 68k "Macs" during the mid-90s when equipped with a 68060 CPU upgrade and running a Mac emulator like ShapeShifter. A 060 running code natively easily outran the emulated 68k of the PowerMacs for a few years.
A slight correction, it emulated a 68EC040 since the PowerPC handled MMU functions natively. The MMU-less EC 68k variants didn't see use in Macs, but did appear in some Amigas.http://en.wikipedia.org/wiki/Mac_68k_emulator
On the subject of Amigas, they were actually the fastest 68k "Macs" during the mid-90s when equipped with a 68060 CPU upgrade and running a Mac emulator like ShapeShifter. A 060 running code natively easily outran the emulated 68k of the PowerMacs for a few years.