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While vmware is the best known virtualisation engine, there are some others. Most notably Xen, which contrary to vmware is completely open source. The company behind Xen (XenSource) was just bought by Citrix, a major vendor for terminal server products for half a billion dollars... I use both technologies, and it is hard to decide, which is better.
BTW: Xen is ported to PPC, even if only to PPC64 at the moment. Do not expect the same from vmware :-)
Well, the idea is not to leverage virtualisation of Power Architecture, but to leverage virtualisation in any case and use the Open Client as.. a client. x86 thin clients are still power hungry (don't believe AMD when they say the Geode takes up 0.9W, they have 4 other chips they're not counting, and the integrated peripherals on the SoC are missing from their power testing benchmarks) and tend to come with Windows CE licenses and suchlike.