I don't have a license for VMWare, and I use VirtualBox. It's great. What it lacks is support for real hard disks accessible from the guest OS. But maybe that's for safety reasons.. because it's easy to screw up your system if you try to boot it from VM while you are actually running it as a host OS, and it's also pretty easy to screw up your partitions that way.
Sometimes I use QEMU.. not bad when configured right.
However, I run LFS using Wine - I haven't tried with Virtualbox.
I only use virtualization for testing purposes, because I'm developing a Linux distro.
BTW, If someone is interested in old Windows-es, you can run Windows 3.0 in DOSBox. It's pretty easy. You can also run it from FreeDOS. That's also pretty easy.