I can't differ with the statement that it is your own opinion or that the subject is interesting but this:
"If you want backward compatibility and performance isn't such an issue, buy Transmeta to translate that old code."
I so much hairy plums. Transmetas direction has changed so much that they cannot translate anything useful to anything else useful and instead have concentrated on low consumption chips.
You might go the way of FPGA but they arent complex enough to simulate a pentium at a reasonable cost yet.
No, my dream is to have a z/Series z800 sitting under my desk.