Good article. I was impressed -- much more than I expected. It's often the case that people will boast "I know a secret" and are never heard from again. (Maybe someone hunts them down.)

The following paper is also very informative.
http://citeseer.nj.nec.com/dehnert03transmeta.html

It details the design and performance of CMS along with the special hardware Transmeta added to aid emulation. For instance, the Crusoe has alias hardware that will throw an exception when load/stores to the same address occur out of order. This allows CMS to emulate "speculatively" - i.e., assume that everything will be ok - and recover when there's a problem. "Anonymous" mentioned the commit feature, but there is also hardware assist for the rollback, which speeds up exceptions.