Really though, your not going to be using qemu to test kernels, you are going to use it to test user code, which is not going to talk to any omap specific hardware, only linux device drivers. So you can use it for this purpose, and if the code works, you can run the exact same executable on real hardware.
Really? That would require all of the used shared libraries and there is a very high probability these won't work correctly on the host system (for instance what about different pixel layouts?).
On the other hand qemu user works well for simple applications that rely for instance only on the glibc. Note however qemu NEON implementation has enough bugs in it that ffmpeg with NEON doesn't work.
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A decent project for this would be
http://vm-kernel.blogspot.com/
I wonder how you can say this project is of any use: the svn repository requires a password, and it's written in a language I can't read. Do you have some more info, that looks very interesting