Next beta build will have paravirtual driver support for HVM, but not complete PV.
However you can try the following full PV kernel, optimized for Amazon EC2: Index of xen_8.910
Remove the current installed kernel (e.g. rpm -e kernel-default) and install the virtual one (rpm -i kernel-virtual-3.2.9-14.gf97792b.i686.rpm). Comments welcome [:)]
