If the VM and VM image is good enough, which partly depends on hardware, you won't give a damn about it not being native. AS/400, Solaris Containers/Zones, Xen, VMware Workstation, Parallels (for Mac), Rosetta prove this to be true. The latter 3 even allow one to run the application under a VM without a full desktop, including support for theming. It is same with running x86-32 applications on x86-64. With recent Intel and AMD processors utilizing HVM on host OS you get almost 100% performance in a x86-64 or x86-32 guest OS although I/O is one area which traditionally lacks which is a reason Xen requires modification in guest OS. With Xen, you can get even more than 100% performance.
You also may have to enable HVM in your BIOS (!!!). So, IMO, you need specific arguments. For example, why Eclipse doesn't cut it for you. Keep in mind that when you use the SDK you are also using a VM: QEMU. Enabling HVM will improve the performance for QEMU as well.
@ lcuk, you could use NFS as well, having all the native ARM stuff on a dedicated server. Or use sbrsh(d). Seriously, sbrsh(d) is exactly made for this, and I'm pretty damn sure its how Nokia uses it internally. Yes, over rsh, not ssh. For performance reasons (SSH is overhead, especially on embedded environments, and NFS is lightweight as well; both are tried and true on *NIX, but can be made to run on Windows as well).
Also, developers need to have some kind of *NIX knowledge. It really helps a lot when developing just like being able to program is useful as UNIX admin. Sometimes, the command line is just faster than GUI, and sometimes programming it yourself is faster than using a script engine. It is a pre, much like knowing *NIX helps you find your way in Maemo. I do understand the reasons for providing the choice of not requiring this knowledge though,
but Qt is targeted for Maemo 6. It does not surprise me there is no good Qt IDE for Maemo 6 for Windows yet given there is also no official support for Qt on Maemo either.
c't 2010/10 contains good introduction for programming with Qt with Qt Creator. Yes, the howto is platform agnostic. I thought there was also an in depth tutorial for automating & aiding scripting which is useful too but I can't find the article.