Quoting from the Red Hat official announcement:

Red Hat, the world’s leading provider of open source solutions to the enterprise, today formally announced its ‘Integrated Virtualization’ strategy. During a launch today in San Francisco, company executives detailed plans for creating a Red Hat virtualization environment and working with partners such as AMD, Intel, Network Appliance and XenSource to simplify virtualization deployment for customers.
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Red Hat will tightly integrate virtualization capabilities with its operating system and ensure all aspects of the Red Hat Enterprise Linux platform, from management tools and installation to software management, will enable customers to deploy virtualized environments easily and effectively.
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This month Red Hat will make Fedora Core 5 available, which will contain a preview of Red Hat Enterprise Linux virtualization technology. In the summer of 2006, Red Hat will make Virtualization Migration and Assessment Services available along with an Enterprise Virtualization beta. Red Hat Enterprise Linux v. 5, scheduled for general availability by the end of 2006, will feature fully integrated virtualization…

There also is a 1-hour-long recorded webcast of this press event available here.