Aah, good question, sponge. I had assumed it did as the filenames included in the source led me to believe these were cpu instructions. But to be sure, I read up some more on the emulator.
According to their description, it emulates a full x86 pc. Although it appears to only have been ported to OSes that are running on x86 platforms. Heh. But I am convinced that it DOES emulate the cpu and not just the mode. (If i'm wrong then i'll stand corrected.
JJB