The release notes are here and if you haven't had a look at what promises to be a robust virtualisation platform then I encourage you to a) have a look and b) join in the development.
From the release announcement :
The first release includes: * All the components required to operate a running oVirt installation * oVirt Engine is now running on Jboss AS7 as the application server * A new Python SDK to support the development of software utilizing the ovirt-engine APIs * Fedora based oVirt Node
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