Gaming on Linux using Windows games is a widely common use case. Wine works very well for most DX9 games already, but DX11 support is still quite WIP.
> if you've got virtualization support, and pcie pass-through support, why not just run this stuff through a Windows VM?
Because you don't want to run Windows? There can be multiple reasons for the later.
Today most DirecX 9 games work flawlessly out of the box (including one click install from steam, also running under wine).
I make extensive use of alt-tab. I have yet to find a smooth way to switch between applications running inside a VM and applications running outside the VM.
I also haven't found a way to achieve acceptable video performance inside a VM, short of dedicating a graphics card and doing a full PCI-E passthrough.
If I try to start up a VM with XP I've got to worry about XP's security situation.