... it's just that qemu is really tightly coded, even though the code it makes is a bit less than optimal ;)
See, in non-kqemu/kvm mode the TCG generator is _->TCG->_, with several choices of _ on each side - qemu's regular mode can't take x86-on-x86 shortcuts.
So, time to stop distracting myself with fixing qemu's output and look @ what I wanted to do from the start... setting it up to use it for precise kernel/code profiling. ;)
(valgrind can actually do that, but only for user mode linux, and i dunno if it needs patches)