Are you sure? If they took all the trouble to write software to simulate how palm form inputs are rendered, why wouldn't they just create a new UI?
You can certainly have a true emulator that also "mimics the look and feel" of the thing it's emulating.
If you have any actual evidence that the IMAX tool is not truly an emulator other than conjecture, we'd all be very interested.
I suspect the HN crowd's interpretation is correct that they merely replicated the look and feel. Which makes sense - Palm is still the best GUI I've ever been fortunate enough to use.