The oVirt project is backed by the likes of Red Hat, Intel, Cisco, SUSE, and even Canonical. oVirt, which is built atop libvirt, basically wraps around KVM virtualization as platform virtualization management software. Yesterday afternoon was the first official release of oVirt.
The first release is comprised of all components necessary to run an oVirt installation, the oVirt engine runs on JBoss AS7 as the application server, there's a new Python SDK to use the oVirt engine APIs, and there's a Fedora-based oVirt node available.
Details and download links for this open-source (ASL 2.0) platform can be found in the announcement message. Learn more at oVirt.org.