It does, assuming your ARM host is at least ARMv6 or v7 (v5 doesn't deal with unaligned accesses and QEMU userspace mode doesn't do anything special with guest

It does, assuming your ARM host is at least ARMv6 or v7 (v5 doesn't deal with unaligned accesses and QEMU userspace mode doesn't do anything special with guest binary unaligned accesses, so they appear as host unaligned accesses). QEMU's i386 userspace mode emulation is a bigger problem -- most notably it doesn't handle multithreaded guest binaries (to an even bigger extent than QEMU's general issues with multithreaded guest binaries). None of these are insurmountable problems; it's just that nobody so far has cared enough about them to put in the time to develop fixes and get them through code review on the mailing list. Patches welcome :-)