Looking at the IBM's tech from the sixties is somehow weirdly depressing: it's unbelievable how much of the architectural stuff they've invented already by the 1970.
"PC" virtualization's getting closer to big iron virtualization, but likely will never quite get there.
Also -- I was running virtual machines on a 5150 PC when it was a big fast machine -- the UCSD P System ran a p-code virtual machine to run p-code binaries which would run equally well on an apple 2. In theory.