Don't mean to necro, but this seems the best place for it.
I'm going through krcroft's list of games from the 1st page, not that I own many of them, and while I've had some luck, some just freeze.  Notably Might & Magic III and Populous.  Meanwhile Civilization, Bard's Tale 3 and X-Wing were great.  Also just playing midi files with DOSMID works great too.  Specifically forcing it to play to MPU=330.
Now the freezing seems to be answered by aweutil.txt
PROBLEM -- System hangs when you play games under MIDI Emulation.
CAUSE   -- 1. AWEUTIL cannot co-exist with games that use DOS extender.
           2. Some games require a MPU-401 'Smart' mode that is
              different from the UART mode used by your audio card.
              So, you have to use AWE's music synthesis capabilities 
              instead.
SOLUTION - 1. Type AWEUTIL /S and press <Enter> to set your audio card
              to Adlib compatibility.
           2. Change your game's software setting to "Adlib or Sound
              Blaster compatible".
So I'm assuming Populous and Might & Magic III try to use the 'Smart' mode.  Or at least I would, had they not already been claimed to be working here?  Also, these are the GOG versions that I've just copied over to my Super7 rig.
I have tried more or less all the aweutil /em options (em:gm, em:gs, em:mt32).  I've also tried aweutil 1.20, 1.35 and 1.36, just to really drive it home.  I've tried initializing the card with UNISOUND, as well as CTCM.  Nothing really changes, although I haven't made exhaustive notes.  The games that work still work.  The games that freeze still freeze.
Can anyone else verify that Populous or Might & Magic III work on an AWE64 Value (CT4500) emulating midi with aweutil /em?
Win95/DOS 7.1 - P233 MMX (@2.5 x 100 FSB), Diamond Viper V330 AGP, SB16  CT2800
Win98 - K6-2+ 500, GF2 MX, SB AWE 64 CT4500, SBLive CT4780
Win98 - Pentium III 1000, GF2 GTS, SBLive CT4760
WinXP - Athlon 64 3200+, GF 7800 GS, Audigy 2 ZS