OmniOS

OmniOS is a new illumos-based server distribution with commercial support available was announced at the DTrace conference.

It contains the features you expect like Crossbow, ZFS, DTrace, IPS and Comstar but also includes KVM and updates in userland (Python, GCC, Perl, OpenSSL etc.)

"OmniOS is our vision of what OpenSolaris could have been had it remained in the open. It runs better, faster and has more innovations,” continued Schlossnagle. “OmniTI did not want to lose the benefits that OpenSolaris technologies brought to customers, so we decided to pursue the continuation of the OS on our own. We've been running OmniOS in our data centers for six months and have seen tremendous results. We’re excited to announce our news at the DTrace conference because of its importance and relevance to this community."
- Theo Schlossnagle, CEO of OmniTI

More information, install images and source repositories are available here: omnios.omniti.com

I have only installed the image into VirtualBox witch was painless and quick, I might post an update when I've had time for some exploring.

OmniTI Debuts OmniOS, an Open Source Operating System for the Solaris Community