Yep,
It is slower than VMWare, shall I say a lot slower.
Right now QEMU should be only a tiny bit slower than VMW on Linux hosts since it has acceleration on such environments.
It is said it can achieve 90-95% the speed achieved by VMW.
On W32 hosts it's still 35-40%% the speed you can achieve with VMW.
Let's see if they can do such a good job on W32 as they have achieved on *nix.
But I gotta tell you: I've had some very bad experiences with VMW on W32 trying to run BSD.
On QEMU it runs slowly but it runs

.
Cheers