Given what its doing and how it's doing it then those virus alerts listed are understandable and if anything I'd have to say kudo to panda AV for being the most honest about it. Probably breaking the PE and the CRC checksum aspects would get it flagged as it has in some and the html/exe flagging is also explained as well having read thru how it works.

Still impressive stuff and also given the use of undocumented opcodes and x86 foo it does raise a new question:

Given some VM's will fail on some of the instructions instead of running on bare metal, is it possible to have a virus that will only trigger on bare metal or VM machines thru use of undocumented op codes and the like.

Non the less a wonderful definition in hacking in its truest sence and educational on undocumented OP codes and how for some things you cant beat pure assembly for fun and jollys.