The first release of the RHEV-M upstream project, oVirt, is scheduled for the end of January in a few days time. This release schedule comes shortly after the recent release of RHEV 3.0. Since the project kickoff workshop was held last November, installing the ovirt-engine is a whole lot easier at least on Fedora 16. There are now instructions on the ovirt wiki page for Debian and Gentoo although the Debian link is currently broken.
There are currently nightly builds of the ovirt-node ( the managed node hypervisor ) available for you to start using. For installing the ovirt-engine ( management tool ) on Fedora 16, yum packages are available. Installation requires you to download a yum repo file, install the required packages with yum and run a handful of commands. This is a lot easier than the previous method of installation.
For more information see the oVirt wiki page.