Virtualization and emulation are not the same thing. You can have one without the other.<p>(Traditionally, virtualization precluded emulation: The hypervisor simply multiplexed hardware, and the guests got what looked like raw access to the real hardware, with no way of &quot;seeing&quot; the hypervisor at all. Very secure, very simple, and you could run a hypervisor as a guest with guests under it, recursively.)