It's too bad that x86 hardware doesn't do virtualization as well as IBM hardware. You can't stack VMs. That's exactly what's needed here - a non-kernel VM that runs above NT but below the application.
I thought that a) the conclusion of VMware's "Comparison of techniques" paper [1] was that x86 and possibly everything is Popek-and-Goldberg-virtualizable [2] via binary translation, and b) the last several years of Intel and AMD chips all have hardware virtualization support, including nested virtualization, that made their architectures Popek-and-Goldberg-virtualizable in the obvious way?
Very, very slowly. Microprocessors still have DMA instead of mainframe-like "channels", although we're starting to see MMUs on the I/O side. With channels, devices can't blither all over memory and neither driver nor device need be trusted.
https://www.kernel.org/doc/Documentation/virtual/kvm/nested-...