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SmartOS - The Complete Modern Operating System?

SmartOS incorporates the four most revolutionary OS technologies of the past decade — Zones, ZFS, DTrace and KVM — into a single operating system, providing an arbitrarily observable, highly multi-tenant environment built on a reliable, enterprise-grade storage stack. With the introduction of KVM in SmartOS, you no longer have to give up the power of an enterprise-grade operating system in order to run legacy applications and stacks. SmartOS turns any server into a highly efficient hosting platform for multi-tenant, machine-to-machine, or storage applications. SmartOS offers unique, innovative tools for application developers, service providers and data center operators – tuned and hardened for modern datacenter deployment.
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Sound exciting, i will give him a try (in the wintermonths of course :-) ).

I also found an entry on heise.de

Ein Entwicklerteam des Cloud-Providers Joyent hat den Hypervisor des Linux-Kernels auf den freien OpenSolaris-Kernel des Illumos-Projekts portiert. Wie die Entwickler schreiben, soll KVM (Kernel-based Virtual Machines) die OpenSolaris-Variante SmartOS um hardwaregestützte Virtualisierung erweitern – als Ergänzung zu der Virtualisierungstechnik Zones des Solaris-Kernels, mit der mehrere Benutzerzumgebungen gegeneinander abgeschottet unter einem Kernel laufen.
SmartOS bringt KVM in den Solaris-Kernel