Comment by messe

You're exactly right, and the Wine project agrees.

> That said, Wine can be thought of as a Windows emulator in much the same way that Windows Vista can be thought of as a Windows XP emulator: both allow you to run the same applications by translating system calls in much the same way. Setting Wine to mimic Windows XP is not much different from setting Vista to launch an application in XP compatibility mode.

> [...]

> "Wine is not just an emulator" is more accurate. Thinking of Wine as just an emulator is really forgetting about the other things it is. Wine's "emulator" is really just a binary loader that allows Windows applications to interface with the Wine API replacement.