In a similar vein, a couple years ago I was fooling around with seeing if I could make an ooold (2006) Intel Mac Pro with Linux on it mount a Power Macintosh OS X disk image and share it over firewire as if it were a firewire disk drive (IE, userland "target disk mode" emulation, essentially), and just for laughs I decided to see how far along QEMU's PowerPC emulation had gotten and try actually *booting* the disk images I was intending to share.
Long story short, worked fine. I mean, the performance wasn't worth writing home about, but it was probably roughly on par with an early G4 tower, despite the CPUs in the Mac Pro being *very lowly* 2.0ghz Xeon 5130s. It's starting to feel like PowerPC emulation is pretty much a solved problem.
(FWIW, the firewire sharing thing worked too. Used it to resurrect an old Titanium G4 Powerbook without having to burn CDs and track down everything from scratch; just used a Tiger disk image I'd saved from waaaaay back when it was niche part of my job to make the OS images we cloned onto new employee Powerbooks.)