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Custom ROMs have had just about enough of being Android's second-class citizens
(www.androidauthority.com)
This is a most excellent place for technology news and articles.
The point is that you have to emulate a fuckton of low level access to even have a chance of anything working. Either you replace the actual hardware access with junk data, making none of the apps work, or you break the whole permissions structure, and your security is completely gone.
All of those APIs were deprecated because it's impossible to provide them in any way that resembles security.
I mean, as long as it's in a pretty robust sandbox and it's either firewalled or has no network access (if possible for the app in question), I would think security implications are minimal. Like, even if the version of Android inside the container is compromised, the app could only take over its own container, which is non-privileged and doesn't have access to anything you didn't explicitly give it (in terms of user data).
But almost every app is going to crash because they're built on needing the information those APIs return.
His example of not being able to control some wireless speaker? Supporting that app is going to be a mess, best case.