qemu actually tries to emulate all of the hardware in a Mac; also, I believe its CPU emulation is just interpreted though someone correct me if I'm wrong. SheepShaver emulates the CPU with a JIT and then patches the emulated MacOS so that calls to it run as native code.
SheepShaver is hacky, I know it since BasiliskII times, same people.
SS is faster, but nowadays the gap against Qemu is not that big on a modern machine.
Also, Qemu will provide an ATI Rage device for the G3/G4 machine, so you may be able to correctly play a good chunk of 3D games released for Mac OS 9.
(Admittedly an expansively broad question; summary responses accepted!)