Ariya, maybe an even easier way would be to take the kqemu and qemu source packages from SuSE Factory, and run
rpmbuild --rebuild kqemu-<version>.src.rpm and install the resulting kernel modules. After that,
rpmbuild --rebuild qemu-<version>.src.rpm and install the result as well :-) This is the way it worked nicely on my SLED 10 SP1.
Completely agree that Qemu is a nice tool for all filter developers.