It was just a matter of time... PDA-related website PocketGamer reports on the succesful emulation of Windows 95 and Windows 98se on the Pocket PC. For achieving this, developers used a DOS emulator called Bochs, they also needed a big flash card to fit things into memory, whatever it is, it sounds pretty impressive.

Looks like I had missed some other PPC emulation milestones, despite of the lack of faster PDA hardware, PSX emulation had already been done, too.