XP mode in Win 7 is Virtual PC and has all the limitations for games/emulators that implies - no D3D acceleration, etc, etc.
Correct.
(VMWare 7.1 beta has fantastic D3D9 and OGL 2.1 acceleration in the guest though so I'd be surprised if MS didn't try to catch up).
When it comes to virtualization, the money is overwhelmingly in the server scenarios, where D3D and OGL support are irrelevant. But hey, you never know.
