Qemu is a project with a split personality. There's the top-notch dynamic-binary-translation based simulator that has wide architecture support and is used by a wide variety of people to do a large number of interesting things. There were some struggles during the transition to TCG, and when the original author left, but overall steady progress has been made.
Then there's the KVM people, who cause an immense amount of code churn and discussion on the mailing list, but as far as I can ever tell don't contribute much to the original core of Qemu. It's a lot of layers upon layers of additional stuff. Fine and good, but for some reason the KVM people seem to think they are somehow saviors of the code base. Not true. And things would have been a lot better if the KVM people had worked on things in the Qemu tree to start with, instead of forking and then causing massive churn trying to merge things back to a sensible state.