hyperVM thoughts and impressions
So I have been playing with hyperVM a bit more now and I must say I am thoroughly impressed with the ease of use and management it gives you for managing xen based virtual machines. I have not tried using openvz but I am sure that it is pretty much the same.
I have created an install guide of how I set up hyperVM
Very easy to install. Very easy to manage. The only downfall to the hyperVM product is the control panel appearance and interface is just awful.

hyperVM Admin
As you can see its your basic admin control panel style interface. It could look a lot better and have a smoother flow to it. Sometimes you have to be in the right spot for certain links to work, and it can be down right frustrating trying to find a certain management page. But when you can find what you need and click the links properly it is a superb management suite.
The ability for hyperVM to manage clusters of servers gives you the ability to have failover for any of the virtual machines you are running. Easily transfer a VM to a different physical server with just a few clicks.
Backup and restore of your virtual machines is a MUST when you are providing VMs as a service. You and the end-users of the hyperVM control panel have the ability to backup and restore their own virtual machines without contacting support. Users can even rebuild/restore their VM within minutes to either the original template you set them up with or to a different OS template and different linux distributions.
The pricing on hyperVM is up in the air at the moment and it seems that you can order as many licenses as you want and not be billed for them at the moment. No one is for sure how long this will last.
WHMCS is an online billing solution that includes modules for managing client virtual machines on hyperVM. This allows you to easily go from approving a client signup to booting their virtual machine and sending welcome e-mails without having to do anything more than accept their order.