You've probably seen the many other posts surrounding RTM and the more recent support announcements for Microsoft server products on Hyper-V on Windows Server 2008 so I am trying not to make this a "me too" post. But just for completeness probably Christophe's post has the most useful set of links for Project Server IT Pro's - including some great tips for getting a demo VPC up and running in Hyper-V.
In reading through the supported servers you will see it includes SharePoint and Project Server 2007 (must be SP1, Infrastructure Update strongly recommended) but for SQL Server the only supported version is SQL Server 2008. If you want to run with SQL Server 2005 then this will need to stay on real hardware. And just because you can run all tiers including the database in a virtual environment does not mean you should in every circumstance - particularly if this will mean resource contention on the host server.
The key thing to remember if considering moving to a virtual environment is that you don't get anything for nothing. Granted it can give you much reduced maintenance overhead - but in terms of performance you still need to make sure that the machines, virtual or otherwise, are capable of supporting your users. If you have a single server install running poorly then running Hyper-v and virtualizing a three tier server farm on the same hardware isn't going to magically make things work faster.
Also remember that when working with Microsoft support we will want to know configuration information about the host as well as the guest servers and operating systems. Please help us to help you.
For information on configuration of Hyper-V for SharePoint and Project Server expect some details on TechNet soon (I'll add a link to the post too) - but for excellent background reading on how to get the most out of Hyper-V then the Virtualization Team blog and John Howard's blog - and the many fine places they each link to should be your starting point.
And as a final point - with Hyper-V there can now be no excuse for not having a test environment! Another instance of PWA on your production server does not count.