Also did you run the user emu with the if (port < 0x53) filter on the IO? I want to first rule out that its an issue with reading the system timer.
Here is the user emu output with enabled (port < 0x53) filter. as I say, no output for that ;)
chris
./testbios -s 32768 --abseg /dev/mem aw512n.bin -d 0x48 running file aw512n.bin No base specified. defaulting to 0xc0000 No initial code segment specified. defaulting to 0xc000 No initial instruction pointer specified. defaulting to 0x0003 Loading ax with BusDevFn = 48 updating int vector 0x10 updating int vector 0x10 updating int vector 0x42 updating int vector 0x42 updating int vector 0x43 updating int vector 0x43 updating int vector 0x1f updating int vector 0x1f updating int vector 0x1d updating int vector 0x1d updating int vector 0x1d updating int vector 0x1d updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 int10 vector at c41b4 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 run_bios_int: INT 10 CS:IP = c000:41b4 updating int vector 0x43 updating int vector 0x43 updating int vector 0x43 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 int10 vector at c41b4 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 run_bios_int: INT 10 CS:IP = c000:41b4 updating int vector 0x43 updating int vector 0x43 updating int vector 0x43 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 int10 vector at c41b4 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 updating int vector 0x10 run_bios_int: INT 10 CS:IP = c000:41b4 updating int vector 0x43 updating int vector 0x43 updating int vector 0x1d updating int vector 0x1d #