I, for one, have been wanting to use ZFS specifically like that for a while. This does not compare at all to running ZFS on, say, an NFS server or iSCSI SAN serving data to a server running KVM (ZFS data integrity is only verified remotely on the storage server, it is slower, etc).
Who ported KVM to Illumos? I know some old version of QEMU was running on Solaris at some point in the past, but I had no idea they had a full blown KVM port.