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What I'm missing here is what software currently supports this format. Can I use it with QEMU? KVM? VirtualBox? VMware? If so, how? If not yet, when? If never, what's the actual use case?

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This looks like OVA, firmware can be bundled inside along with additional disks, networking config, machine type and so on.

So essentially a virtual appliance package

I think people these days know better than to adopt Microslop standards

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