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KVM (Kernel-based Virtual Machine)

KVM (Kernel-based Virtual Machine) is virtualization software for Linux which is based on hardware virtualization extensions (Intel VT-X and AMD-V) and a modified version of qemu to enable full hardware emulation as far as needed to boot many PC operating systems in unmodified form, including Linux, Windows and Mac OS X.

Note: KVM is not yet ready for production use and has known issues. You can find details the Novell bugzilla: http://bugzilla.novell.com

KVM depends on Intel VT and AMD-V and does not run on CPUs without these extensions. qemu can be used on those, with some performance penalty, instead.

As the hardware emulation used for KVM is based on QEMU, virtual machines can be moved between QEMU and KVM hosts seamlessly.

The package libvirt contains libvirtd, a simple hypervisor for managing multiple QEMU and KVM virtual machines on one host machine. The included virtsh allows to define virtual machines using XML files and allows some simple management of such virtual machines on the command line. virt-manager is a GUI for connecting to, and controlling virtual machines based on libvirt. 

xenner is a project in development which is can run Xen guests oder KVM and even allows live migration from Xen to KVM.
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