Wait, x86 still requires instruction emulation for non-weirdo non-legacy cases? My vague recollection of the KVM Forum talk G. did was that you don't need it for "modern" guests.

(We were talking about emulation-via-just-interpret-one-instruction in userspace in upstream QEMU the other day -- you'd want it for OSX hypervisor.framework support too, after all. And maybe for the corner cases in TCG where you'd otherwise emulate one instruction and throw away the cached translation immediately.)