Description of problem:
You can't run kvm.. 

[root@oinik kvm]# qemu-kvm
Could not access KVM kernel module: No such file or directory
failed to initialize KVM: No such file or directory
No accelerator found!
[root@oinik kvm]# 

...
open("/dev/kvm", O_RDWR|O_CLOEXEC)      = -1 ENOENT (No such file or directory)
write(2, "Could not access KVM kernel modu"..., 62Could not access KVM kernel module: No such file or directory
....


The kvm kernel module appears to be loaded, but the dev file isn't there. 
i tried insmod and modprobe with no errors. and i dont see the kvm device anywhere in /sys either. 

This is happening with the  3.0.0-1.fc16.x86_64 and rc4 kernel. 

This is an intel sandy bridge2 processor with efi. But i don't think that is the issue.