Does it emulate specific Mac models?
I'm not sure, but you can "choose" to run as a 1GHz G3 or 700MHz G4.
I just tried the Morphos 3.0 boot cd and it doesn't boot.
The PearPC emulator is not user friendly, you need to edit the config file by hand.
Anyway..., I will try the MorphOS on my real Mac Mini when I get a chance.