Hi HN,
I've been working on a distro that incorporates OpenVZ virtualization technology with an OS base derived from el6 upstream. It has all the usual features of el6 (gnome2 desktop, apache 2.2.15, php 5.3.3,etc) and has an OpenVZ kernel along with OpenVZ utilities built into the distro without any further tweaking.
Here's the project URL: http://www.classiccitytelco.com/?page_id=488
It's really a labor of love for me as I've always loved fedora/rhel and openvz but always hated the amount of time it took to get all of that working correctly when setting up a new server or workstation (from installing the kernel, the 3rd party repos, setting sysctl.conf just right, etc) and RHEL, CentOS and Scientific kindly ask not to expect support (community or commercial) when you use a 3rd party kernel. As a result, as it's our main focus, we are offering this distribution for anyone to use free of charge.
I hope you guys enjoy it and I welcome any comments or questions that you may have.
edit: fixed spelling
For those reasons I'm going to stick with mainline and wait as all the bits are almost implemented and the wait be within a year.