QUOTE (madsere @ May 20 2008, 10:26 PM)

FWIW, I attempted the update and it went terrible wrong and cost me extended downtime.
The problem was that the new V4 kernel didn't boot with my hardware and the techs available at the time did not know how to get around it.
Due to the way the update package is made it first updates all the Virtuozzo software and only attempts a reboot to the new kernel after this has taken place. If instead the new kernel was installed first it would have been possible to simply boot the previous kernel and have continued with V3. As this didn't happen we had to go through a reimage and restore which took very long time.
NOT RECOMMENDED!
PS. During the reimage we again had a kernel panic but this time a tech was on duty who knew his stuff and was able to get the server to boot.
Did you try booting off a rescue CD and reinstalling the rpms for v3? I'm not sure if it would work, but it may have been worth a shot.