“This almost entirely prevents inter-instruction optimisations. There are two known exceptions. The first is an “unused-flags” optimisation, which avoids calculating x86 flags value if they are not used before being overwritten on every path from a flag-setting instruction.”

Does this mean the emulator is buggy (if I write a loop that sets and clears flags, but doesn’t do anything with them, an interrupt handler that samples the flag values would need to see both values), but in a way that no sane code would notice?