The only time MorphOS is not using emulation is when its running all native code.
Iggy,
1) Reimplementation != Emulation.
What MorphOS does, is reimplementing the whole Amiga API *natively* on HW that isn't Amiga HW. No need for emulation there. As Itix said, you don't need an emulator to run Windows on Linux through WINE (Wine Is Not an Emulator). It's the same thing here, MorphOS provides its own native Amiga API environment.
2) Recompiling/translating programs != Simulating HW through SW/Emulation.
Big and important difference there.
The 68k Amiga programs are fully translated into native PPC code (which involves more than some 1to1 opcode conversion, it's a lot more complex, programs are de-facto rewritten). Sure, many emulators use opcode translation as part of the package, but that is only one component, and that component isn't emulation although part of an emulator, it's a translator (either JIT or runtime). Emulation is to mimic HW using SW, perhaps with accompanying SW (like ROM's, etc) to make it "run". Recompilation/translation is a different matter, and calling this "it's only about semantics" is to call the difference between apple and oranges "semantic" as well.
3) There is no difference between Amiga programs and what you call "native code on MorphOS", it's *all* equally native when executed, it's all using the native system API, it's all sharing the system resources, all libs, all devices (heck, those devices and libraries could even be "68k"), it's all sharing the messaging system, the scheduler, the memory, there is no difference whatsoever, no "box", no "layer", no emulated hardware. Everything executed is PPC, everything is treated the same, everything is using the same native OS, running natively on the HW. On MorphOS, Amiga applications = MorphOS applications. No difference!
This whole thread stems from another discussion, in which someone said: "MorphOS runs 68k code in an emulation layer just like AROS". This is where this discussion comes from. And it's not true at all.
4) The only time MorphOS *is* using emulation, is when you use UAE to emulate an Amiga (or C64, or whatever). MorphOS itself doesn't emulate an Amiga, it reimplements it at an OS level, providing its own, fully native API environment, and all Amiga/MorphOS applications use that directly, and in exactly the same way; as PPC binaries.