I've been using Virtual Box on Ubuntu and it is a far better solution compared to Vmware (in my opinion).
I had been trying different alternatives: VirtualPC, QEMU.... VirtualPC was OK but same problem as VMware... threats dont execute... QEMU, good concept but painfully slow!
My main concern was that too many threats are vm aware... it was getting ridiculous at one point to see that even the Zlob Trojan would behave totally differently on a real machine.
Things I like about Virtual Box:
- free
- fast
- threats that are usually Vm aware execute fine
- snapshots are so fast to restore (5 sec)
- nice and simple GUI
As far as security goes, I would not recommend using it under Windows, especially if the Shared folder option is enabled. Malware has a tendency to jump out of the box easily

So if you're running under a non Windows OS, you should be fine.
Of course, nothing beats the real environment, but you need to have the resources for it.