Um... Windows 98 ain't supported by modern hardware dork!
Windows 98 runs fine on MS Virtual PC on newer Windows (albeit without 3D acceleration). It works under VMWare and VirtualBox too, but I'm not sure about VM additions.
I got Windows 98 booting natively on my Acer Aspire One netbook using "safe mode" graphics. So barebones 98 can run natively on some modern hardware, just without any decent driver support (basic graphics, no sound, no networking etc.).
Of course a VM is the way forward for retro Windows. I use Virtual PC to run 98 on my netbook on Windows XP/7 so I can run classic apps like Mensa Ultimate Challenge, Sophie's World and Kai's Power Goo.
DOSBox is all fine and dandy and indeed runs 98, but IMO, AROS needs a better VM ported, since DOSBox gives much slower CPU performance than native.
P.S. I'm not sure about NT4 on DOSBox, but NT5 (Windows 2000/XP) certainly does not work.
I'm also not sure about ME + 98lite patch, I know ME works with 98lite, but I'm not sure if DOSBox could handle it.