The thing that none of the VM monitors seem to offer (though I'd love to be proven wrong) is debugging tools for the guest operating systems. This is odd, as it was one of the major uses of VM/370. So if a guest kernel goes off into space, the VM monitor shuts down the virtual machine or resets it, but provides no means to find out what happened, though it's in a perfect position to easily do so.
There's a debugger built into qemu. VMWare lets you attach to it using the gdb protocol to debug the system. Is this what you had in mind? Or something more integrated and possibly intrusive to the guest? Tim Newsham | www.thenewsh.com/~newsham | thenewsh.blogspot.com