Well, to be perfectly honest, OSX already runs on generic hardware. It's just a very small subset of available generic hardware for quality control purposes.
Apple just has the OS query the hardware and look for Apple's permission slip. If it's not there, OSX won't run.
The "hacks" simply let the hardware lie to the OS. And it runs fine, provided that the hardware chipsets are the same as on the Apple machine.
Generic, technically yes, but EFI is pretty much non-existant on cheap PCs, actually on most PCs. The hack in large part involves getting OS X to run on an antiquated BIOS system.