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as WINE is legal, I can't see researching/making a program to do this being a problem.

the tough part would be distribution since everything iOS is distributed through the app store, except what isn't, and it would be really difficult to migrate apps from your app store account to a fake ios device I'm sure. Somehow you'd be violating the terms of some agreement along the way or the DMCA...

which is bull, imho. That is a neat kind of innovation, shame it'd be hindered.
 
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