KVM Hosting(Kernel-based Virtual Machine) is a full virtualization solution for Linux that contains virtualization extensions (Intel VT or AMD-V). KVM supports Linux and Windows, while using the same hardware with no shared resources virtually assigned to its own container.The pros with KVM is that all applications should work exactly as on a dedicated server, usability of its own kernel, the flexibility of migrating from virtual machine to dedicated server.
What is OpenVZ Hosting
OpenVZ Vps is container-based virtualization for Linux. OS level virtualization means many basic components exist once on the machine, and are used by all guests (like the identical kernel). That means that each container shares the same underlying OS but still operates as secure, isolated Linux container. OpenVZ is good performance and less resources needed for the host. Reinstalls can be done from templates in client area.