When you say KVM, you already mean most instructions are executed natively, not interpreted.
Only a few privileged instructions cause traps.
A basic description of what and how is emulated can be found here:
https://freescale.sdlproducts.com/LiveContent/content/en-US/QorIQ_SDK/GUID-9DEF2E13-2F31-47DC-8D38-D...
Refer to the VCPU specification Sections 2 and 3 for full details:
http://www.linux-kvm.org/page/E500_virtual_CPU_specification
A discussion of overheads introduced by KVM can be found here:
https://freescale.sdlproducts.com/LiveContent/content/en-US/QorIQ_SDK/GUID-8ADAFC19-511D-48E5-9F95-6...
Have a great day,
Platon
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