The home of the new project is lbvm.sourceforge.net - when you're an OpenVZ user, check it out! It is really interesting whenever you come to a situation to run multiple servers with OpenVZ.
Quoting the project site:
Virtualization technologies are used to enhance the hardware load on server systems and allow a more efficient use of those servers. Nowadays, there is a wide range of existing HA solutions which guarantee the availability of all virtual machines. There are just a few commercial solutions available for allocating virtual machines during their operation time to optimize the actual server workload (e.g. VMware DRS, VirtualIron LiveCapacity). A generic solution for all kinds of virtualization technologies is non existent today. [...]
The LBVM consists of several scripts that allow to load balance virtual machines (currently preconfigured: Xen and OpenVZ) among physical servers - the algorithm is fully configurable. LBVM uses the Red Hat Cluster Suite to provide high availability and rgmanager (part of the Red Hat Cluster Suite) to perform the actual migration. Developed cluster scripts for Xen and OpenVZ allow the rgmanager to perform live migrations with zero-downtime to provide maximum reliability and uptime. The load balancing algorithm uses preconfigured resources (cpu, mem, load; fully configurable) to decide when and where to move a virtual machine. Reports and migrations are logged and also available in human-readable format.
The initial release was done by Roland Dworschak, Sabine Huber, Alexander Leitner, and Joachim Pöttinger - all students at the Upper Austria University of Applied Sciences, Hagenberg Campus (course of studies Secure Information Systems).