I'm running/I've runned OpenBSD, NetBSD, OpenWall GNU/Linux and Slackware 9.0/12.0/13.0 on qemu.
I'm no expert, but it seems to work ok. Give it a try, it compiles fast. I didn't use any modules on qemu - actually, I didn't even know such modules exist. Go ahead and try the "main package". I'm running Slacware 13.0 on my pc, using qemu to learn OpenBSD.