I've been waiting for some sort of an official announcement, but haven't seen one so I'll pass this on. As of February 1 there was a new beta drop of SVISTA available through the Mensys secure downloads page for people that have purchased "Serenity Virtual Station 2004 (SVISTA) ESD for OS/2".
http://shop.mensys.nl/cgi-bin/db2www/mns_ent2.d2w/input
With this release I was able to finally install XP Home, though I still haven't figured out the networking.
SVISTA web page: http://www.serenityvirtual.com/
"Serenity Virtual Station (SVISTA) enables you to run "virtual personal computers" on your PC. By creating these virtual machines, users can run multiple copies operating systems at the same time. For example, a user could run Microsoft Windows XP (r), a copy of Microsoft NT4, and even a copy of IBM's OS/2 on a PC which is "running Linux"."

SVISTA FAQ: ftp://download.mensys.nl/SVISTA.faq
SVISTA Support: http://www.serenityvirtual.com/support.php
>From WhatsNew.txt
SVISTA FR1, beta1 (20050201)
! Intelligente paste of reg.key
* Grab of guest screenshot is performed by external dll now (BMP, PNG, JPG);
! CreateHDD, GB: creating image 10 times bigger than user requested;
! bug: FDD Image to A: => A: is not available anymore;
! bug: FDD disconnect from VM => Host can't access FDD;
* COM pass-through (monitor should be improved);
! Registration: hide 5 entry fields if About notebook closed;
! Dialog resources for big screen resolutions: About, Settings;
* Improved LAN Wizard (+ svenska version);
! WPS-folder: URL-object; Don't REPLACE existing WPS-folder;
! bug: Wrong MonitorBase for Windows XP guest;
Source: OS2VOICE