Hypervm to be of any services needs many things rewritten as of the current beta i know since i track it it works adequate well with openvz but it has lots of issues on xen with centos 6 and i suspect some of them are also exist in centos 5.
The only way to make this product viable is to rewrite some of its routines to work with libvirt for accessing hypervisors there is no other way .. since it would be useless to make from scratch any new drivers for the different hypervisors out there!!
Though i can say that if mustafa wants to fork it, im more than willing to help him in any way to make that panel viable