Ok, I finally gave a thorough try to VDos32 on my XP32 system, and I'm pleased so far. It looks very promising; it's actually as fast as NTVDM and I don't really see how DOSBox could provide a better performance. Still, I've noted a couple of bugs and shortcomings.
1. With VDos32, CD Audio doesn't work at all (I'm using SAPUCDEX).
2. FMVs are windowed.
3. VDos32 only works correctly with psVoodoo. OpenGlide litterally runs in Matrix-like slow motion (strange thing is, the FPS counter still displays 30).
Unrelated to VDos32, but I thought I'd mention it here. In my many tests since the release of psVoodoo, I've found this wrapper to be slower than OpenGlide. Most of the time it's running ok; but in some heavy scenes (see attached save), OpenGlide keeps at a steady 30 fps (in NTVDM), while psVoodoo can go down as low as 15 fps (in NTVDM or VDos32). It's noticeable on my Radeon 9600.
Very good work otherwise, Paul.