First I must say that work with VPC seems to be really easy. Whoever manages to play with DosBox should be able to make a virtual Win98SE-PC.
I installed VPC and Win98SE in less than an hour. I only used the original Software, no updates or whatever, and I also did not tweak the system in any way. Just a clean install.
Then I tested two of the more demanding Dos-Games which are not very playable with DosBox, both in "High-Res".
1. ROTH
ROTH has a "Win95Run"-File. I started it - and everything just worked. The sound was a bit choppy, especially the slow background music could be annoying, and there where some hickups in the voices, but the movement felt more fluid than DosBox. In the game itself there weren't any severe slowdowns, and the music isn't that much of an issue. I guess some would prefer the VPC-solution over DosBox.
2. CM
CM can be configured under W98, but to start it, you first have to restart in DosMode. In the setup menu, SBPro works best, but in the game itself - well, you mostly hear either nothing at all or distorted sound. Next: movement. DosBox is too slow for fluid movement, but W98-DosMode does it. You can move absolutely fluidly, that is, if your keyboard responds. Often times, the movement key you press is kind of locked, so if you - say - move left, you turn left infinitely, until you hit escape (for the menu) and then go back to the game.
From what I see, it is totally unplayable in W98-DosMode, what is a shame because otherwise it would be perfect if not for these strange sound issues and these silly keyboard lockups. W98-DosMode is noticeably faster than DosBox.
That is it for now. I guess there won't be a "Virtual" Forum here, so I do not want to bore you with more findings regarding VPC - or VMWare, in case I'll give it a shot, too.