Yes, and it bombs right away. System Error 33. However, I find these emulators are not exact duplicates of what happens on real machines. My EasyShare disk crashed on the Mac 512K (64K ROM) version, but booted fine for my friend, albeit that the EasyShare Extension didn't load.

Whats interesting is that, on my Mac 512Ke, if I jack the RAM cache up to basically make it a Mac 128Ke, everything works fine, including EasyShare!