Interesting read. I have a lot of respect for people who develop emulator for x86 processors. It is a complicated processor and from first hand experience I know that developing and debugging emulators for CPU's can be very challenging. In the past year, I spend some time developing a very limited i386 emulator [1] including some system calls for executing the first steps of live-bootstrap [2], primarily to figure out how it is working. I learned a lot about system calls and ELF.