This (together with lack of dx10 support) are the 2 bigger problems imo EDIT2017: seems like the only important blocker these days is supporting PUBG anticheat /s
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Why isn't Wine treated as an emulator?
Does it act more like a wrapper? Doesn't Wine still have to translate most instructions from the Windows API? Isn't that a bit counterintuitive?
Software running under Wine is using the real hardware as much as possible whereas an emulator simulates all of the hardware.
Wine's approach means much better performance. The limitations of this approach (such as requiring x86-compatible host hardware) don't matter to many users.