@darkage
VMware alike solutions exist for Amiga long before VMware was even founded! The most popular such solutions were for emulation of Apple Machintosh machines - ShapeShifter, Fusion emulators use the CPU NATIVELY, and emulate other parts of the Mac hardware.
Technically the Apple and Atari machines were easy to emulate provided you share the same CPU. For the consoles like Sega Mega Drive it's much harder, that's why there are no Mega Drive emulator that uses the 68K CPU natively.
When I think of VMware Im thinking of emulating everything via software not using the native hardware resources directly, like in your example of using 68k directly to emulate other platforms that use the same CPU. Emulating anything in hardware is elegant, thats why theres 8086, 286, 286, 486 etc bridgeboards/emulator cards.. Those are fast solutions compared to purely software ie vmware..