I finally got it to work but only on RHEL
I was trying to get LTM VE on debian/KVM with openvswitch. I've spent a lot of time trying to get it to work but it just won't.
I think F5 should consider supporting KVM universally not just tie down to R.H.
With technologies like openstack gaining momentum in the market F5's ADC services should be supported on the following OS platforms
Debian GNU/Linux wheezy
Fedora / Red Hat Enterprise Linux / CentOS / Scientific Linux
openSUSE / SLES11 SP2
Ubuntu 12.04 LTS (Precise Pangolin)
I don't think this should be that hard since in the end it's the same hypervisor.