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Why would I want this as opposed to Vagrant, or Multipass even?

I don’t know about Lima, but Vagrant using Virtualbox won’t work on the new M1 macs (no plans of support).

eh, that's only a problem for those jumping into a brand new architecture without considering if anything's been ported into it yet.

ARM has been around for decades now (and ARMv8 for one decade). Anyway, if nobody jumps to new architectures, how will anything get ported?

Do it yourself