KingofGnG: Absolutely, yes. New SVN builds come out every now and then, while other coders are working hard on their own build to add very complex things like 3dfx complete emulation and ISA/PCI/ATA emulation.
The future of DOSBox is brighter than you think, while I still think there should be a semi-official fork to write a Windows-focused emulator including the aforementioned features. If I knew how to code, I would have done this by myself already. But I can't code shit.
P.S. I don't give a flying fuck about save states, and you should too. Why? Because DOS games have their own savestate routines or they don't have any. If you want to save in a game that isn't designed to save, you cheat. You cheater.
Windows has, very, very little in common with DOS. There would be some time savings, but not much. And the newer you go the less benefit you'd receive. The last version of Windows to even have DOS at all was Win ME, or whatever NT 4, can't remember which one was last to receive an update.
Win 3.1 OTOH, is basically just a GUI for DOS without a whole lot else added. You'd be better off whipping out an ancient copy of 3.1, assuming that whatever it is won't run on Win 9x.
I disagree about the save states. A surprising number of DOS games didn't have any method of saving, which meant you had to beat the thing in one go, or not bother. It's a cheap way of making a game harder and really annoying if you're just wanting to play for a bit before getting back to work.