joppo: Same basic principle, as far as I can tell. I just didn't bother too much about the semantics... it's still a virtual OS running in a contained environment inside another OS.
If my knowledge of the basic premise is faulty please do enlighten me, otherwise I'm not worried if I say "chicken" and you say "hen".
Wine can be thought of as a translator that allows windows programs to talk to linux. Windows programs are based on the windows "application programming interface" or API. The programs talk to the windows API and other assorted microsoft APIs such as directx to draw on the screen, request network access, use system libraries(DLLs) to perform processing, and other things. Wine intercepts and translates these to linux system calls, libraries, and openGL calls effectively letting a window program talk to and run on a linux system. No virtual CPUs or graphics cards involved.
A virtual machine emulates all the hardware of real computer system. Motherboard BIOS/UEFI, all motherboard chipsets: audio, networking, usb, sata controllers, and more; CPU, optical drives, hard drive, graphic cards are emulated. Windows is literaly installed in this virtual machine and runs as if it were on a real computer. Then any software you want to use is installed on windows as usual.
Regards