The power of butterfly-like networks as multicomputer interconnection networks is studied, by considering how efficiently the butterfly can emulate other networks. Emulations are studied formally via graph embeddings, so the topic here becomes: How efficiently can one embed the graph underlying a given interconnection network in the graph underlying the butterfly network? Within this framework, the slowdown incurred by an emulation is measured by the sum of the dilation and the congestion of the corresponding embedding (respectively, the maximum amount that the embedding stretches an edge of the guest graph, and the maximum traffic across any edge of the host graph); the efficiency of resource utilization in an emulation is measured by the expansion of the corresponding embedding (the ratio of the sizes of the host to guest graph).Three main results expose a number of optimal emulations by butterfly networks. Call a family of graphs balanced if complete binary trees can be embedded in the family with simultaneous dilation, congestion, and expansion O(1).