This question comes up a lot on the gp32x boards. The idea is that since GP2X has a processor which is binary compatible with GBA and has an MMU, why not just run GBA code "directly" on the GP2X? Unfortunately, things are not that simple. There are a few problems with this:
- The kernel has to be hacked to get a purely custom address space setup. This is doable but tricky.
- The VMM (virtual machine manager, ie, the rest of the emulator) needs to run somewhere. It can run in a different address space, but this would make the transitions (which are often) costly. If it runs in the GBA's address space it could conflict with the way the GBA works, although the real GBA only uses a portion of the physical address space so this probably wouldn't be an issue.
- The emulated code must always be ran in user mode, otherwise it can trample over the emulator itself. Unfortunately, it's not possible to "trap" instructions which can read the state of the CPU, so when the GBA code reads the flags it will get incorrect results and probably fail.
- The same holds for changing the machine state such as disabling interrupts.
- GBA has a lot of components which are time sensitive, such as 4 timers and the screen. Both are very high resolution and cannot be adequetly emulated by the GP2X's timers which run at a different clock rate. For this reason instructions need to be ran within certain intervals to properly serialize them within events, but this cannot be done in hardware with virtualization.
For these reasons I don't forsee virtualization occuring. Commercial grade virtualization emulators like VMWare have until recently only virtualized "user code", while performing recompilation on kernel code. This has only changed due to added hardware support for virtualization in x86 CPUs, support which the ARM9 CPUs in GP2X does not have (as far as I'm aware). It might be possible to pull the same trick on GBA, but even in user mode code the CPU is free to change to other modes at will (and almost always does, for instance, at startup, but can in other places) and there are in fact few restrictions present. The timing issues would still remain as well; for x86 software timing requirements are usually much looser, but on GBA the code must be serialized somewhat properly to within the scanline level.