_ChaosFox_: I've never had much luck with VMs myself. I find the 3D performance dreadful and the whole thing comes unstuck as soon as you try to play something with a resolution that isn't your PC's native resolution. Getting gamepads to work is a nightmare and disc copy protection is usually a no-go too.
Exactly my experiences as well. Most of the time (especially 3D accelerated) games had serious problems, either performance problems or serious glitches, and generally it was much more hassle than what it was worth. It is definitely not as useful as e.g. DOSBox for MS-DOS games.
Like you said, copy protection seemed an issue for them. I tried to run my retail Wheel of Time game, and the Windows XP running in the VM would install the game fine from the CD, but when it came time to play, it would complain there was no (original) CD in the drive. I am sure it was the CD copy protection causing that.
The only way I could get past that was to install a noCD crack for the game, but even then it would work erratically: slow performance, there was something odd about the graphics even though it was supposed to be 3D accelerated (e.g. the trees were pixellated, as if they were not 3D accelerated, while rest of the game was), and the mouse controls wouldn't work right, if I touched the mouse the view would instantly go pointing to skies or some such shit.
The only partial success story I remember was Gorky 17 (GOG version). As it is widely known, the game has serious issues especially with its 3D accelerated graphics on various PC configurations, and/or scratchy audio and stability problems. I have especially bad problems on NVidia Geforce PCs; on an Intel HD 4000 laptop it works great though.
However, on that Geforce PC, the game would work better in a Windows XP VM session, so that's a start.