What does 'virsh dumpxml $d | grep emulator' give?

Also, what is the output of 'virsh capabilities' ?

<guest>
    <os_type>hvm</os_type>
    <arch name='x86_64'>
      <wordsize>64</wordsize>
      <emulator>/usr/bin/qemu-system-x86_64</emulator>
      <machine>pc-0.11</machine>
      <machine canonical='pc-0.11'>pc</machine>
      <machine>pc-0.10</machine>
      <machine>isapc</machine>
      <domain type='qemu'>
      </domain>
      <domain type='kvm'>
        <emulator>/usr/bin/kvm</emulator>
      </domain>
    </arch>
    <features>
      <acpi default='on' toggle='yes'/>
      <apic default='on' toggle='no'/>
    </features>
</guest>

What does 'qemu -M ?' and 'kvm -M ?' give?

# qemu -M ?
Supported machines are:
pc         Standard PC (alias of pc-0.11)
pc-0.11    Standard PC (default)
pc-0.10    Standard PC, qemu 0.10
isapc      ISA-only PC
# kvm -M ?
Supported machines are:
pc         Standard PC (default)
isapc      ISA-only PC

I suspect the capabilities output is saying that /usr/bin/kvm supports
the pc-0.11 machine type, when in fact only /usr/bin/qemu supports it

Yes