That's a long shot. When I buy an iphone, I get a license to use the OS the iphone comes with. If the license is for one device, I can't use it on many devices simultaneously, that much is clear.
However, for what Corellium is doing to be debatable, the license must say that one can only use the OS copy bundled with the device on the device itself, which sounds against "fair-use", and maybe even "anti-trust" worthy.
> How is this any different from a company that would sell you a preconfigured hackintosh?
Selling a pre-configured hackintosh isn't illegal on any jurisdiction as long as you have a valid license for the OS that you ship, in the same way that selling any laptop on ebay isn't illegal either, as long as the copy of the OS is legal.
If Corellium has one iPhone with iOS for every VM that's running at all times in a warehouse somewhere, then what they are doing is against Apple's EULA, which at most means that Apple doesn't need to give them support, but definitely not illegal.
Also, the real sad thing is that Apple is not providing this service themselves, and instead have killed emulation on XCode.