Let’s think about this creating command:

vmbuilder kvm -c karmic.cfg \
--domain ubuntu-server.eu \
--dest /vmachines/kvm/ \
--bridge br0 \
--hostname testvm02 \
--user shermann \
--pass foobar \
--mem=256 \
--ip=<whatevr ip> \
--mask=255.255.255.0 \
--dns=<your dns server >\
--gw=<your default gw> \
--libvirt qemu:///system \
--tmpfs=-

The correspondent karmic.cfg looks like this:

[DEFAULT]
arch = i386
part = ubuntu-karmic.part
user = shermann
[ubuntu]
mirror = <your package mirror>
suite = karmic
flavour = server
addpkg = openssh-server, vim-nox
[kvm]
libvirt = qemu:///system

and the partition file looks like this:

root 5000
/boot 100
swap 1000
---
/var/log 2000
/home 1900
Now, when creating the VM everything works fine. But after creation and starting of the VM via virsh, the machine doesn’t boot up.
Could be that this is all my fault ;) Or I’m too ESX…or I’m hitting a bug…