You can look at the Nord Modular in a number of ways. If you think of it as a hardware/software system in which the emulates a conventional (hardware) modular synth, then it is fair to call it a "virtual" modular synth. However, if you look at it apart from its role as an emulator, it is a real hardware/software synth in which real software modules are patched together in software to form real software synths. The second view would apply best to the Nord Modular G2, as it goes beyond emulation of any existing modular analog synth. Too bad we can't get one this year.