I've been working with virtual appliance payloads a fair amount lately and have taken to disambiguating between virtual and non-virtual machines this way:

VM = VM, since everyone uses that

Non-VM = "hardbox," since it implies both a piece of hardware and a complete system.

Just wanted to make a note here so I can be the one that coined the word for this context. (C)2009-10 by B.J. Black :-)