Wow, today Pekka Enberg announced a new KVM userland (e.g. a qemu pendant). Techical it is really raw at the moment: no networking support, no graphic support and so on. The list of missing things is long. The most prominent change is another one: it is aligned with the Linux development, e.g. it is placed under tools/kvm and because of it freshness it can mature into a more powerful environment as todays qemu (e.g. SMP support).
To build the tool you can try this:
cd /usr/src/linux git checkout -b kvm/tool git pull git://github.com/penberg/linux-kvm.git # Compile the tool cd tools/kvm&& make # Download a raw userspace imag wget http://wiki.qemu.org/download/linux-0.2.img.bz2 bunzip2 linux-0.2.img.bz2 # Build a kernel with CONFIG_VIRTIO_BLK=y CONFIG_SERIAL_8250_CONSOLE=y CONFIG_EXT2_FS=y CONFIG_EXT4_FS=y # lunch the tool ./kvm --image=linux-0.2.img --kernel=../../arch/x86/boot/bzImage