linux & saturn?
Piratero: An MMU allows implementing virtual memory. When you hear that you might think of swapping to HD, but really that's only one application of virtual memory. Virtual memory means that you get to construct your own memory map and control unauthorized accesses to memory. It's hard to explain but basically suppose you have a really simple system that looks like this:
0000-7FFF: RAM
8000-BFFF: VRAM
C000-FFFF: ROM
With an MMU you could write an OS that makes it look like this to an application:
0000-0FFF: RAM
8000-88FF: VRAM
C000-FFFF: ROM
And then set it up so that any access outside these areas generates an interrupt from the MMU rather than completing the operation, transferring control back to the OS. This is what allows modern operating systems to catch runaway pointers etc. without them corrupting data or bringing down the system. What's more, you can then use this same memory map for multiple applications by changing the translation table when switching applications, like so:
App 1
-------
0000-0FFF -> 0000-0FFF
App 2
-------
0000-0FFF -> 1000-1FFF
App 3
-------
0000-0FFF -> 2000-2FFF
and so on until you run out of RAM.
To make a long story short, without an MMU you can forget about implementing any substantial security, protecting the OS from programs, and protecting programs from each other.