The MMU features will also let you use some more advanced features in emulators. Outside of that, though, it's of little performance gain.
An MMU is required if you want Linux. Maybe there's some kernels that doesn't require it, but the ones Iv'e seen require one.
And, don't know if it's stated elsewhere, but the MMU basically just takes care of addressing addresses to other addresses. Instead of doing it in software. Atleast that's what I've been told.
So a patch to the syscall AllocMem would introduce VMM to AOS... I think, basically? :-?