OS X on non-supported hardware

"What is the current position on the running of OSX on non-Apple hardware, both legally and technically?"

OS X runs just fine on non-Apple hardware, although it's against the terms of the EULA. Apple tends to be pretty relaxed about this sort of thing (although don't expect any technical support from them, obviously). Selling a Hackintosh with OS X installed is an entirely different matter, of course. Expect a letter from Apple Legal if you do this.