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It works pretty well here... I see no reason why not, I'm using it in production. Just remember to change to virtio for disk and net after installing.
It does work well BUT there are some critical things you need in your .cfg file. Here is what I used to be able to make Windows work:
Once you have your VM up and running you will need to install some PVM drivers to ensure everything works smoothly.
http://wiki.univention.de/index.php?title=Installing-signed-GPLPV-drivers
I had another bookmark but the site seems unresponsive. I'll post back if I find it.