I have to agree to disagree. Lets leave it there.
Just take a look at basiliskII sources or read the sheepshaver documentation. I don't care if people decide to call it "emulator" or "virtual machine" (like it's popular nowadays). The fact is that it patches MacOS ROM to avoid calls to mac hardware, installs MacOS drivers that communicate with AmigaOS and programs run natively: you don't have to interpret cpu opcodes, the cpu executes these directly. Memory is used directly (that's the reason you have to free the first kilobytes of ram for macos with prepareemul rsrvcold and other tools), your Mac program can crash your entire amiga and it can write to any part of your amiga memory.
Atari emulators like Medusa or Chameleon did more or less the same. If anyone wants to call that "virtual machine" I don't care :-P
There's a version of EmuTOS that runs on Amigas (and there are Mac emus for Ataris too it would be fun to try to run them on your miggies too) :-)