vm refuses to work with the error message above. Here is one example:
#vm switch list

/usr/local/sbin/vm: ERROR: it doesn't look like your cpu supports bhyve (missing EPT)

Here is my CPU information from dmesg:
#dmesg | less

CPU: Intel(R) Pentium(R) CPU G2030 @ 3.00GHz (3003.02-MHz K8-class CPU)
  Origin="GenuineIntel"  Id=0x306a9  Family=0x6  Model=0x3a  Stepping=9
  Features=0xbfebfbff<FPU,VME,DE,PSE,TSC,MSR,PAE,MCE,CX8,APIC,SEP,MTRR,PGE,MCA,CMOV,PAT,PSE36,CLFLUSH,DTS,ACPI,MMX,FXSR,SSE,SSE2,SS,HTT,TM,PBE>
  Features2=0xd9ae3bf<SSE3,PCLMULQDQ,DTES64,MON,DS_CPL,VMX,EST,TM2,SSSE3,CX16,xTPR,PDCM,PCID,SSE4.1,SSE4.2,POPCNT,TSCDLT,XSAVE,OSXSAVE>
  AMD Features=0x28100800<SYSCALL,NX,RDTSCP,LM>
  AMD Features2=0x1<LAHF>
  Structured Extended Features=0x281<FSGSBASE,SMEP,ERMS>
  XSAVE Features=0x1<XSAVEOPT>
  VT-x: Basic Features=0xda0400<SMM,INS/OUTS,TRUE>
        Pin-Based Controls=0x7f<ExtINT,NMI,VNMI,PreTmr>
        Primary Processor Controls=0xfff9fffe<INTWIN,TSCOff,HLT,INVLPG,MWAIT,RDPMC,RDTSC,CR3-LD,CR3-ST,CR8-LD,CR8-ST,TPR,NMIWIN,MOV-DR,IO,IOmap,MTF,MSRmap,MONITOR,PAUSE>
        Secondary Processor Controls=0xff<APIC,EPT,DT,RDTSCP,x2APIC,VPID,WBINVD,UG>
        Exit Controls=0xda0400<PAT-LD,EFER-SV,PTMR-SV>
        Entry Controls=0xda0400
        EPT Features=0x6114141<XO,PW4,UC,WB,2M,INVEPT,single,all>
        VPID Features=0xf01<INVVPID,individual,single,all,single-globals>

And finally, bhyve itself does work from cli, I was able to install windows 10 and boot it etc.