Technically VARPC is a Windows executable that can *only* be run under Windows - that makes it *WINDOWS* software.
That having been said for people who've made the decission to move to Windows it probably does lessen the blow and make it easier to make the final break with RISC OS. Microsoft did the same thing for WordPerfect users providing WP compatible key strokes on MS Word, you could view VARPC as achieving the same thing here.
Whether that makes it a "good" or "bad" thing depends on your perspective. It [VARPC] is technically a very impressive piece of Windows software and deserves some credit - but not under the heading of "Best Commercial RISC OS software" it certainly *can't* run under RISC OS and that should disqualify it - but if someone were to add it under a heading like "Best Windows/RISC OS interoperability product" (or something equally contrived) I'd vote for it.