Got my cart in today! Here's a few things:
1. It works fine with Virtual PC under OS X. I was able to flash it without issues. However, it won't work through the keyboard, only through its own dedicated USB port.
2. "Utopia" works on a real 5200! However, the joystick routine doesn't. I suspected that before, but it's been confirmed. Also, I see my colors are way off - water that on an emulator is blue, is purple on the TV.. doh!
Thank You, Thank You, Thank You.
Now I have to see if it works with one of the older PC emulators on my older G3 running OS 9. If not I'll just get the new Office with Virtual PC and then I can throw out the crappy no-brand PC I have sitting here.