One thing that worries me is KVMs lack of (can anyone correct me if I'm wrong) USB pass-through support. This means we may have a hard time reaching USB serial adapters or USB-to-device links in general. For that reason my testing will use headless virtualbox instances.
usb pass through should not be a problem for kvm.  I've never tried it personally but it looks doable [1].  Worst case scenario, we could always expose the usb serial consoles over the network using a tool like we did for the demo in budapest, but I don't think it would be necessary.

-Paul Larson
[1]  http://libvirt.org/formatdomain.html#elementsUSB