Methods, systems, apparatuses and program products are disclosed for managing device virtualization in hypervisor and hypervisor-related environment which include both pass-thru I/O and emulated I/O.This may include setting up a page table entry so an instruction may execute untrapped in an unprivileged domain such as by creating a new entry in a page table with requisite read or write permissions set. Later the page table may be edited (or an entry deleted) so the same I/O instruction is trapped and responsively emulated.In another embodiment of the invention, an electronic device may be provided with at least one controller; and one non-volatile memory having instructions encoded therein which, when executed, implement the context-based virtualizationAn advantage provided by the present invention is that performance of the device may be traded off against resource consumed dynamically responsive to system operating conditions. Also, I/O access to peripheral devices may be switched to and fro between emulation and pass-thru operation.