The code morphing software itself is almost certainly a new source of new side channel spectre like attacks. Like being able to tell if something is already in the translation cache via timing.
The point is to leak privileged code flow.
In the latter case -- you have absolutely no control whatsoever over how the processor interprets and dispatches its x86 instructions...
I'm mainly saying that it's a problem space that both has actively shipping implemetnations (Nvidia Denver), has new levels of cache which affect performance based on previous codeflows, and hasn't been fully explored publicly AFAIK. There's probs some dragons in there in at least the pre spectre versions of that software.
This is in contrast to Transmeta where the whole system more or less ran out of the one translation cache.
Now Nvidia Denver on the other hand...