Ok so it seems that Intel CPU
do some speculative execution on priviledged data from unpriviledged code, including from (at least some and at least part of) separate following instructions. Given the microarchitectural complexity and the already well-known side channel attacks, I would not be surprised at all if someone just finished the work and demonstrated that you can actually read priviledged data with a correct reliability. This might even not be very hard. You can think of prefetching, TLB, cache, hyperthreading, and any combination of those and other features. I'm 90% convinced there is no way Intel managed to close
all the side-channels on such a complex architecture, so if they really do continue too much speculative execution I think they (well, actually we :p ) are owned.
Note that under Linux x64 IIRC the whole physical memory is mapped in kernel pages... playing with some adjusting variables, if this theory is correct, I don't see why we could not read all of it. Might be the same under Windows.
I've not checked in depth yet but it could match with all the technical facts we have: very important bug for which the semi-rushed workaround with high perf impact will be backported; affect general purpose OSes but IIRC does not affect some hypervisors (I guess they already do not map at all the pages of other systems while one is running), does not affect AMD (or maybe at least not this way and KPTI can not fix it for them) because of their microarch, involves data leak.