I use Proxmox (http://pve.proxmox.com/wiki/Main_Page) at home. Initially, most of my linux stuff was done via OpenVZ.
After several years, I now have no OpenVZ containers - only KVM virtual machines. Why, I hear you cry?
OpenVZ sucks for using a regular linux distro in - they all seemed to want special tweaks and post-install hacks to work properly. And don't even try to use the various update mechanisms in an OpenVZ container - they *will* break and leave your container an unsupportable mess that can no longer be patched.
KVM uses more CPU/RAM/IOPS but at least the distributions tend to work correctly. And some even support virtio properly..