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That is more or less what Transmeta did (https://en.wikipedia.org/wiki/Transmeta#Code_Morphing_Software https://en.wikipedia.org/wiki/Transmeta#Code_Morphing_So
by Someone 4y ago
That is more or less what Transmeta did (https://en.wikipedia.org/wiki/Transmeta#Code_Morphing_Software https://en.wikipedia.org/wiki/Transmeta#Code_Morphing_Softwa...)
The “without any drawbacks” part never panned out, though.
It also is fairly similar to what Apple has done with emulating 68k on PPC, PPC on x64, and x64 on ARM (but those, AFAIK, do not offer full emulation of the host CPU, as they don’t need to run code in kernel mode)