Sorry for the delay I have tried File based VM works without problems.
I can add another File based VM - I have installed via vmbuilder:

vmbuilder kvm ubuntu \
--suite=precise \
--flavour=virtual \
--arch=amd64 \
--mem=512 \
--hostname=vm4 \
--bridge=br0 \
--mirror=http://de.archive.ubuntu.com/ubuntu \
-o --libvirt=qemu:///system \
--ip x.x.x.x \
--mask x.x.x.x \
--net x.x.x.x \
--bcast x.x.x.x \
--gw x.x.x.x \
--dns 8.8.8.8 \
--part=/var/lib/libvirt/images/vm4/vmbuilder.partition \
--templates=/var/lib/libvirt/images/kvm-custom-temp \
--user=tuser \
--name=Tem User \
--pass=xxx \
--addpkg=vim-nox \
--addpkg=acpid \
--firstboot=/var/lib/libvirt/images/vm4/boot.sh \
2>&1 | tee vmbuilder-install-log.txt

LVM based is not working! It is a mystery because all my other working
VMs are LVM ...

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You received this bug notification because you are a member of Ubuntu
Server Team, which is subscribed to qemu-kvm in Ubuntu.
https://bugs.launchpad.net/bugs/1029889

Title:
  LVM Based KVM VM taking 100% CPU on first start and hangs.

To manage notifications about this bug go to:
https://bugs.launchpad.net/ubuntu/+source/libvirt/+bug/1029889/+subscriptions

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