I recently found out that without kvm enabled, and especially
with -smp 2 or greater, qemu becomes incredibly slow
(to the point that you can see kernel messages in the
quest print one character at a time).
This happens with a Linux host (even with -smp 1)
and with FreeBSD host (in this case -smp 2 or greater;
-smp 1 seems to work fine there).
Bisecting points to this commit as the culprit: