We'll have to wait for Cortex-A15 processors with ARM Virtualization Extensions before even trying to have everyday-usable virtualization on phones.

Currently, the only virtualizers on ARM I can see being used are emulators, which are incredibly slow in their current state.

For now, we can work with chroots, while they don't separate host and guest memory areas and processes, they do offer native code execution and much lower overhead than emulators.