Hi there,
kvm (the application, not the actual module) is heavily based on Qemu. If the module isn't loaded, it will work fine but slow, exactly like qemu would without the kqemu module.
If you don't have a cpu with the VT/SVM extensions, you can achieve good results by using the qemu/kqemu couple (kqemu is even gpled since last version). You can find them at
http://qemu.org
acp