Click the link of "A picture of Knoppix 4.0 QEMU under XP." on my page at http://www.geocities.com/palmpass/index.html to see Knoppix 4.0 QEMU running.
That's an impressive emulation with Linux running under Windows.
I don't have my hands on it yet, but by next week I hope it arrives.
The QEMU version looks very interesting.
-> The first test I'll try is NTFS support. I know I can read NTFS with the current versions but with some blowing up NTSF volumes, writing to NTFS was turned off again.