I tried to get the hardware acceleration working for the singleplayer game. No luck. Did not try without. VirtualBox 3 is very impressive in terms of performance. Puts most of the others to shame.
It is worth trying SFC out on Virtualbox every few revisions as one of these versions the 3d hardware acceleration might just work. (pain to setup though, have to install the guest tools booting the guest XP install in safe mode... but do a custom install of VIrtualbox or you don't get the option of installing the experimental 3d hardware acceleration)