Come to think of it, isn't it supposed to be the purpose of an operating system: letting programs think they own the hardware? Now they can pretend to own the OS too :)
I think we'll get to microkernels, but through evolutionary steps like this rather than ground-up redesign.
Maybe I need to see something like the Xen presentation at Fosdem again.
Edit: http://www.ok-labs.com/blog/entry/microkernels-vs-hypervisor... is quite ok.