Joyent's original work is worse than just Intel only, it requires features found in Core iX and relate Xeon CPUs. This means it doesn't work on Xeon 5xxx chips that are getting affordable and it doesn't work on C2D chips that support VT-x. It sounds like AMD support is further along than supporting older Intel chips.
I have a hacked up SmartOS ISO from a month ago with a build of the "pre-ept" KVM module replacing the stock module. If you'd like to test it out, with the disclaimer that it might not work for you, it's here: http://alpha.sysmgr.org/smartos-20120223-jmc2.iso
If it works for you I'd love to hear about it. If it doesn't work and you can provide crash dumps or even remote console access to the machine for me to debug the problem then I'll try and help out. My goal is to get the new support tested and working on as many different bits of hardware as possible and then get it integrated into Joyent's repo once cleaned up and proven.
A lot of us hang out in #illumos on freenode (IRC) if you'd like to chat -- I'm LeftWing.
Relevant to this discussion : Joyent releasing SmartOS http://news.ycombinator.com/item?id=2887170
AMD support from SmartOS wiki: http://wiki.smartos.org/display/DOC/SmartOS+Technical+FAQs#S...