Reply 20 of 57, by Scali
I think that's complete bunk, to be honest.
An OS doesn't use a lot of power at all. You may notice something in the range of 1-5% background usage on a 'clean' OS installation compared to nothing at all. But certainly nothing that makes a 733 PIII-derivative run as fast as a 2.8 GHz Pentium 4.
If there is any such difference at all, especially with emulators, then the difference can only be explained by very inefficient application code. Eg using very poorly written graphics handling, or not making any use of extended instructionsets such as MMX/SSE at all.
I switched from DOS to Windows when I had a 486DX-2 at 80 MHz. And even then the overhead of the OS during a fullscreen DirectX graphics application was in the range of 1-5%. When I upgraded to Pentium, it became "don't care".
OSes may have become heavier since, but CPUs have increased in performance faster than that. Even on a single-code Pentium 4, an OS like Windows 7 doesn't take much CPU. As long as you have enough memory, a single graphics application can still make almost full use of the processing power.

