Their "Code Morphing" technology never seemed to impressive to me. It was little more than a dynarec/JIT running from firmware on a somewhat specialized VLIW chip.
It was a binary re-compiler, it recompiles the code on the fly the stores it on disc. Each subsequent thus gets faster.
DEC had great success with this in their FX32! x86 emulator for the Alpha, at one stage in the 90s the fastest x86 was actually an Alpha! One thing that halped though was the fact that the version of Windows it used was native so all the library calls were not emulated.
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Transmeta are, as far as I can tell about to get out of the chip business. They make more money off licensing their technology (i.e. they recently licnsed longrun 2 to Sony) than the CPUs so they're just going to do this instead.
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As for being in the same league as VIA, I doubt it, VIA is the undisputed champion of sucky CPUs, the Transmeta CPUs are not great but they don't suck *that* much.