Hello,

    I too have the same results.
    Below is an additional snippet where the call is made through valgrind.

    While valgrind grinds, the SDL window displays "Guest has not initialized the display (yet)."

==16648== Memcheck, a memory error detector
==16648== Copyright (C) 2002-2013, and GNU GPL'd, by Julian Seward et al.
==16648== Using Valgrind-3.10.1 and LibVEX; rerun with -h for copyright info                                                        
==16648== Command: qemu-system-i386 -machine isapc -fda bootdisk.img                                                                
==16648==                                                                                                                           
qemu: fatal: Trying to execute code outside RAM or ROM at 0x1a0dff44                                                                
                                                                                                                                    
EAX=000f0f88 EBX=00100000 ECX=07fc0000 EDX=0000002c                                                                                 
ESI=00006f5c EDI=08000000 EBP=07fc0000 ESP=fffe0014                                                                                 
EIP=1a0dff44 EFL=00000046 [---Z-P-] CPL=0 II=0 A20=1 SMM=0 HLT=0                                                                    
ES =0010 00000000 ffffffff 00cf9300 DPL=0 DS   [-WA]                                                                                
CS =0008 00000000 ffffffff 00cf9b00 DPL=0 CS32 [-RA]                                                                                
SS =0010 00000000 ffffffff 00cf9300 DPL=0 DS   [-WA]                                                                                
DS =0010 00000000 ffffffff 00cf9300 DPL=0 DS   [-WA]                                                                                
FS =0010 00000000 ffffffff 00cf9300 DPL=0 DS   [-WA]                                                                                
GS =0010 00000000 ffffffff 00cf9300 DPL=0 DS   [-WA]                                                                                
LDT=0000 00000000 0000ffff 00008200 DPL=0 LDT                                                                                       
TR =0000 00000000 0000ffff 00008b00 DPL=0 TSS32-busy                                                                                
GDT=     000f6be8 00000037                                                                                                          
IDT=     000f6c26 00000000                                                                                                          
CR0=60000011 CR2=00000000 CR3=00000000 CR4=00000000                                                                                 
DR0=00000000 DR1=00000000 DR2=00000000 DR3=00000000                                                                                 
DR6=ffff0ff0 DR7=00000400                                                                                                           
CCS=00000000 CCD=00000000 CCO=ADDB                                                                                                  
EFER=0000000000000000                                                                                                               
FCW=037f FSW=0000 [ST=0] FTW=00 MXCSR=00001f80
FPR0=0000000000000000 0000 FPR1=0000000000000000 0000
FPR2=0000000000000000 0000 FPR3=0000000000000000 0000
FPR4=0000000000000000 0000 FPR5=0000000000000000 0000
FPR6=0000000000000000 0000 FPR7=0000000000000000 0000
XMM00=00000000000000000000000000000000 XMM01=00000000000000000000000000000000
XMM02=00000000000000000000000000000000 XMM03=00000000000000000000000000000000
XMM04=00000000000000000000000000000000 XMM05=00000000000000000000000000000000
XMM06=00000000000000000000000000000000 XMM07=00000000000000000000000000000000
==16648== 
==16648== HEAP SUMMARY:
==16648==     in use at exit: 36,820,878 bytes in 32,195 blocks
==16648==   total heap usage: 198,107 allocs, 165,912 frees, 1,828,399,692 bytes allocated
==16648== 
==16648== LEAK SUMMARY:
==16648==    definitely lost: 8,462 bytes in 29 blocks
==16648==    indirectly lost: 55,605 bytes in 1,550 blocks
==16648==      possibly lost: 316,286 bytes in 773 blocks
==16648==    still reachable: 36,304,789 bytes in 29,208 blocks
==16648==         suppressed: 0 bytes in 0 blocks
==16648== Rerun with --leak-check=full to see details of leaked memory
==16648== 
==16648== For counts of detected and suppressed errors, rerun with: -v
==16648== ERROR SUMMARY: 0 errors from 0 contexts (suppressed: 0 from 0)
Killed