Gregory's Server
That's a solution for a different problem - letting you write games/other software now that can run on many machines in the future. (Also its capabilities and performance are strictly limited by design, which is totally legit.)
I think what Foone is dreaming of is more like a super-duper version of VMWare or other hypervisor, to let you run *existing* software targeted to any OS, under any other OS/hardware.
And hell yeah that would be a huge step forward.