Not too surprising though, VirtualPC isn't really meant for games. Whereas our beloved little app around here..

Any got it running on WinXP Home?

It's more resources-greedy than the old Connectix one. The new features, at least for the use I do of virtual machines, are copied from VMWare. I still have to finish testing it.
I also want to check if Virtual Server (or whatever it's called) can give better results on host server systems.

My dad is a Microsoft junkie and insists on using Virtual PC without even trying VMWare. I have tried VMWare and have used Virtual PC back before MS took over as well as having had to use his (had to help him set up a thing or two using it.) Frankly I was less than impressed. It's a pain even to start the thing since it wants to act as a service and such (and one thing I love about DOSBox is that I don't have to install it but can just a very small set of files directly from my external harddrive.) It requires NTFS no matter what (it won't even INSTALL if you use FAT32, which is a bit silly if you ask me.) I haven't used it on my own system, but, if it's anything like the last MS "Virtual PC" based software I've used on my home PC, it probably is poorly programmed enough that it will trigger DEP if you have it enabled (I tried the WinCE SDK just wanting to do simple stuff in Visual Basic for my old PocketPC and found that it totally freaks out on a windows sytem with DEP enabled for all things, and MS's solution is to tell you to just disable DEP rather than either fixing the code or at least making it possible to add it to the "do not use DEP for" list.)

Overall, I'd say VMWare is the better choice. It works in multiple operating systems (which is especially neat since Linux can run Windows and Windows can run Linux -- ok, mainly that's just for neatness factor since performance prevents it from acting as a good server or something that way, but, it does have its uses.) It still requires installing more than I like and is larger than I like, plus it's getting more bloated with each version (takes forever even to shut down a virtual system even if I have things like snapshots disabled so that all it has to do is stop emulating and unload.) I used it back before I had realized how great DOSBox was when properly configured for a few games, and a few like Quadnet actually did surprisingly well in it.

Qemu was just beyond me. I'm used to opensource with either too little or too much documentation, but, Qemu I just couldn't quite figure out enough to use. Frankly, that's not a good sign -- I'm not exactly a hardware or software newbie. (Ok, last time I tried Qemu was a while ago -- I have no reason try to use it now -- so maybe it has improved since.)

But, yeah, for gaming DOSBox is unbeatable. Unlike all those others, it's specifically designed with gaming in mind, so provides emulation of a lot of legacy hardware you won't see in those (ask me to live without MPU401 emulation giving me MIDI through my Windows devices. Go ahead, I dare you.)

Personally, I'd recommend for software VMWare over Virtual PC though. Supposedly VMWare is free now too, though I wonder that it looks like it may be a limited version or something. Still, of the three major players there, I'd have to say it's the lesser of evils.