There were rumors said that NVidia is working on some kind of x86->ARM translating thingy, lets wait and see.
for MS IIRC there was a quite decent x86 translator inside VirtualPC for Mac, but thats for PowerPC of course.
But FX!32 should be a better approach because it only translate the user code and calls into native dlls when calling apis.
Cool. I guess the guys in WinDiv/DevDiv will be super busy in the foreseeable future though.