Looks great, all the included apps work fine. I seem to only be able to open one app at the time and can't find any way to close it or change to a different one, but that may be a problem on my setup.
IIRC, it differs from an emulator in that it doesn’t emulate the hardware of a PalmPilot and run the PalmOS firmware and any apps in this emulation, but instead implements the PalmOS APIs in native code and runs only the app code in an emulator. In other words, it’s to an emulator what WINE is to VMWare.