Vzctl enables OpenVZ system administrators to manage VPSs.
Each VPS created with OpenVZ performs and executes exactly like a stand-alone server. These VPSs can be rebooted independently and come with root access, users, IP addresses, memory, processes, files, applications, system libraries, and configuration files. You can find more information about this technology in the Documentation - Technology section on the website.
The OpenVZ project is an open-source community project which is supported by SWsoft. It's designed to offer access to the code and enable the open-source community to test, develop, and further the OS virtualization effort. It also serves as a proving ground for new technology that may eventually become part of the Virtuozzo product offering. If you're interested in contributing to the project, the website encourages the community to access, use, develop and comment on the software and references on this site.
As for the most recent release of vzctl, there were a lot of bug fixes and cleanups done in the code and man pages. Additionally, there was support added for Archlinux VEs, initscript improvements were made, and there were IPv6 improvements and fixes implemented.
Version 3.0.17: N/A