Software Virtualization Solution 2.0, announced this month, is under great attention for the free personal edition released by Altiris.
Both lifehacker and PC Magazine briefly reviewed it.
Quoting from PC Magazine review:
Anybody can use Altiris Software Virtualization Solution 2.0 to put a safety wrapper around software installations and to package installations for import on other computers. Power users can do quite a bit more by manipulating advanced properties and using the commandline interface. Give SVS a try! Just remember that if you later uninstall it, you’ll have to reinstall any virtualized applications — at present there’s no way to merge them into the underlying base system.