Can you please tell us which OOW session your refer to? It would give us some context to this discussion.
I would also like to say that I have seen some efforts to make OVM templates (not necessarily the PeopleSoft templates) function in other Xen Hypervisors. Regarding the conversion of the images to running in a non-Xen virtualization solution I wouldn't want to hold my breath. I have played with this type of thing before, trying to use conversion kits (ovftool in particular) to move between vmdk and Virtual Box and never had any success worth talking about.
I thought that Nicolas had mentioned something about this a few months ago but not sure. He may comment on this based upon his experiences.
I was not attending in OOW2009, I cannot say anything about this.
Regarding the usage of the Peoplesoft OVM in other tool than Oracle VM, I was not able convert the images to any other format. I tried different things as well, but looks rather complicated.
I'll probably take down everybody's wrath on me here, but I used those Peoplesoft OVM images in Oracle VM hosted by VMWare... Yes, I know, double virtualization level... but I had no free server, and so far it is working fine. This is certainly not recommanded, not advisable and depending of the server host, not very stable. But at least I was quite happy to be able to test these Peoplesoft OVM, and never mind the "purist".
I installed Oracle VM Server as a virtual machine in VMWare.
Then managed Peoplesoft OVM in that Oracle VM Server.
I explained my config on my blog :