despite this CPU being far more powerful than the antiquated Athlon XP 2800+ i have in my work host....that seems a bit strange to me, but i guess it is what it is.
not strange at all actually, it works like rosetta@home: a fixed runtime and your cpu does as much as it can in that period. That's the idea, credit is a different story on rosetta it is work based and here (as far as I know, I'm not certain yet) it's the same credit for every 24h per performance class of computers as Boinc itself can't "see" how much work has been achieved in 24h (for an explanation see below)
here's how LHC 2.0 works:
The reason for the VM is that they @Cern run all their apps on their custom linux distribution with their libraries, ... it's a modified version of scientific linux.
That way they don't have to port and debug the app and libraries for every platform: everybody runs CERN's OS to avoid problems.
The boinc app is a basic app, which does only this: start the os and end it after 24h
The OS has in it's "autostart" the real science app which downloads WUs and uploads results during that 24h period.
In one sentence: your boinc WU is like a package for a "boinc-like" software in the VM
I submitted my first WU and got my first credits

I will now est the suspend again! (I didn't want to do any experiments with the one that was already running for some time)
PS: welcome to the TeAm
PS2: this VM idea is new for boinc (LHC2.0 are the first to use it) and I think this might be a way to finally port folding@home easily to boinc