No. Virtualization (dividing a host into different logical hosts but executing unmodified CPU instructions, like VMware, VirtualBox, ...) and emulation (translating instructions, like Rosetta) are two different beasts.
That's pretty much what I assumed from what I know of VMWare. It's going to be a big issue for future Macs, there are entire segments of developers who may have to abandon Macs if we can't run VMs of x86 operating systems.