I'm about a week from ordering (or atleast pre-ordering.. how's the current supply with PEGII boards getting along?) my very own Pegasos II machine but there is still one question I haven't got answered...

I play a lot of old games, both on my real A1200's and on WinUAE when I'm not working on serious stuff. How does the emulation work in MorphOS? If I have HD-installed games that are runned with WHDLOAD, do I have to create a whole AmigaOS install under emulation as in WinUAE (due to hardware banging) to get the thing going or is the emulation handled differently? And how good are the emulation and speeds of games? I'm going to get a G4 1Ghz.. will that one be able to emulate old games with reasonably good speed?

Otherwise than that, I'm really looking forward to this computer.. :) Finally I can afford one.

They are running under UAE.
Most games only need the Kickstart file.
The version I have installed here has some sound problems, apart from that UAE is flying even on the G3-600.

You've pretty much guessed it. You would have to install UAE for those old hardware banging games. I haven't set it up here completely, but it seems to run okay for games. ( As if you could tear away from the games in the superbundle or MAME)

Hehe, great! Things get better by the minute in Pegasos land..