No way, it doesn't flush the cache when starting the guest. Now I'm running 0.5.5_81_g49c096c; QEMU emulator version 1.1.2 (qemu-kvm-1.1.2+dfsg-3, Debian). Also if I shutdown the guest (node1) and restart it on node2, I have to manually flush the cache otherwise file system on the guest gets corrupted.