AMS, agree 100% with all your points. Lots of people may have bought VA to run some old programs, but it soon becomes a just curio or the equivalent PDF viewer. When you have to spend time maintaining the native enviroment and using certain applications there, you less and less likely to use primarily use RISC OS, and starting up the emulator becomes a speed bump. As indicated by the polls, the people still here taking about and continuing to be interested in RISC OS are on the whole native machine users, not emulator runners.
As regard to ARM & Intel that others have mentioned. Intel is only one licencee of the ARM architecture, and the XScale only accounts for a tiny fraction of the 100's millions of ARM based chips produced every year. PDAs and a couple of Windows Mobile PDA/smartphones are a drop in the ocean compared to the mainstream mobile market which Intel have not been able to crack. If Intel were to stop making XScales tomorrow (beleiving their own marketing crap they can run Windows Vista on under 1W), hardly anyone will notice as there are suitable ARM9 designs already being used as alternatives in just about every class of device (RISC OS included). Indeed as Intel inherited some IP from DEC, ARM would probably be better off gaining, a larger royalty share from ARM9s.