From Fabrice Bellard:
QEMU is a generic and open source machine emulator and virtualizer. When used as a machine emulator, QEMU can run OSes and programs made for one machine (e.g. an ARM board) on a different machine (e.g. your own PC). By using dynamic translation, it achieves good performance. When used as a virtualizer, QEMU achieves near native performances by executing the guest code directly on the host CPU. QEMU supports virtualization when executing under the Xen hypervisor or using the KVM kernel module in Linux. When using KVM, QEMU can virtualize x86, server and embedded PowerPC, and S390 guests.
What's new in this version:
Version 1.4.0 has improved support for MSI-X on some Mellanox devices.