Thanks for the clarification of virtualisation Bitt, as I suspected it appears to be a better solution than emulation.

In terms of usability/speed, would a reasonable order of options (from worst to best) be:

Emulation
Virtualisation
Dual boot?

I suppose it boils down to whether Microsoft can be bothered to change VPC as you said.
If it ends up that Windows can be dual booted without hacks, they won't have to bother. (And I suppose, neither will VMWare.)