In this paper, we question whether hypervisors are really acting as a disruptive force in OS research, instead arguing that they have so far changed very little at a technical level. Essentially, we have retained the conventional Unix-like OS interface and added a new ABI based on PC hardware which is highly unsuitable for most purposes. Despite commercial excitement, focus on hypervisor design may be leading OS research astray. However, adopting a different approach to virtualization and recognizing its value to academic research holds the prospect of opening up kernel research to new directions.