Speed's okay, much better than on N810 or Z of course. I haven't run any benchmarks yet but subjectively it feels like a 486. The config is not optimized at all though, e.g. Bochs has an IPS setting for the CPU which influences the guest's clock and others. I just left it at the default setting, will fiddle with it over the next days, maybe I can squeeze some more speed out of it.
I'm using an older version (2.3.7) from the Jaunty repo, I'll try to compile the latest (2.4.2) next to see if it makes any difference.
I'd much rather be using Qemu as it seems a little faster than Bochs (on ARM) and has no IPS setting, the issue is the repo comes with an older version (0.10.2) that has issues running Windows 95 and NT 4. I may give it another try though.
Next to try: Windows 98, OS/2 Warp 4.