YES!
It does work. This is what I do because I only have a Mac G4. HOWEVER, there are some issues. For one, it's slow, as it should be since it's emulated.
Follow these steps and you'll be OK:
1) install all necessary creative software (drivers, etc) on the emulated PC
2) restart the emulated PC
3) Turn on the JB3 and plug it into a USB port
4) goto VPC edit menu -> settings (cmd + T)
5) under USB section, click the checkbox next to Nomad (it should show up in the list)
6) click OK
After that it should recognize it and start the software. Next big issue: For some reason it will only recognize it the first time the the JB3 is turned on. After it sits for awhile (10-15 min or so), it starts differently showing a creative screen and then a EAX screen. VPC will only recognize it if it starts with these screens. If you turn it off and then back on, it goes directly to the menu rather than showing the startup screens. If it does this, VPC will not see it. You can poke a paperclip in the reset hole on the back of the JB3 to reset it. It will show the screens then, and VPC will see it again.
ALSO, when transferring files, transfer them to your emulated C: drive and then drag and drop them from the windows screen to the mac desktop to copy them rather than copying them in windows to a shared mac drive. It's a lot faster, and mine reboots on me when I try it in windows. You have to do this because the creative software can't transfer to a shared drive.
GOOD LUCK, and let me know if you have any problems
Riley