Here’s a useful manual how to create a Ubuntu 11.10 base box for Vagrant: Build Base Box Vagrant Ubuntu Oneiric 11.10 Server.
I’m currently in the process of starting a 3 machine cluster on my laptop, it’s a shame you can’t run Vagrant in parallel. Now it takes me a full 10 minutes to create 3 virtual machines, start them, upgrade them using apt-get and provision them with Apache and Postgresql.
Impressed how easy it is to create clean virtual machines using Vagrant and provision them using Puppet. Definitely worth investigating if you use virtual machines a lot for development. Might be a bit more difficult if you need to provision closed source software though.