I am going to defend QEMU
I've run a Plan 9 auth/cpu server on there for 8 months or so with no
problems beyond those of my own construction.
I am emulating x86-32 on a pre-VT Opteron AMD-64 (though I only found
out about the difference *after* I bought it) and have kqemu.ko loaded,
I run Debian. My Qemu is 0.9.1 though I used 0.9.0 for a while - I
upgraded to take advantage of PXE booting in 0.9.1 and compiled it from
the tar.gz
I've not done much heavy I/O though I have made numerous pdf's with it
with CGI on httpd. I've also produced my own installer isos with it
which included plan9.iso & plan9.iso.bz2 in the iso.
I've used it for fancy networking tricks with vde_switch and tap0.
I use qcow images and I think they are sparse files.
I have borked the file system with it, though it was my own fault.
matt