I installed virtualbox 4.2.10 on OS X 10.8.3 and I am running Ubuntu 12.04 on it as a guest. I have hardware virtualization enabled for the guest, as the screenshot shows
But when I login to the VM and run
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egrep '^flags.*(vmx|svm)' /proc/cpuinfoEDIT
Running kvm-ok in the host tells me
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INFO: Your CPU does not support KVM extensions
KVM acceleration can NOT be used