Hi Peter. Further to our call yesterday, I've created four blueprints that cover the initial QEMU work: https://blueprints.launchpad.net/qemu-linaro
virtio-system and qemu-focused-kernel should be done first, but you might as well start looking at merge-other-branches in the background.
I haven't gone into great detail - feel free to flesh out the blueprints as you go, and don't hesitate to ask if you need more information.
-- Michael