Yeah, I'm with Theo on this one. Conventional OS security between Ring-0 and everything else is well understood; the problem has become too much code in Ring-0, a great fraction of which has its own interfaces across the security boundary, and the Unix security model just doesn't scale.
No capabilities, or even a sane and useful way of adding capabilities with everything in ring 0, and the flat integer namespacing of users and groups just doesn't work for what userspace needs to do today - hence namespaces, which have introduced their own problems, because (no surprise) trying to graft a tree structure onto a flat integer namespace after the fact is a mess.
Virtualization tried to sidestep all that, but to make it fast the cost has been more driver interfaces to host ring-0 - remember what the original was? - and screwing around a whole bunch with particularly arcane facets of the core ring-0 security boundary, e.g. page tables.
It is a mess.