IBM Researcher Kyung Ryu presented a private cloud RC2 at LISA 2010 conference. As a typical IBM project, the presentation has 20+ co-authors. The following is based on my notes taken from the session, therefore may contain my misunderstandings.
Having an internal cloud is not a big deal these days. You can find several products from the market. What is truly unique and challenging for RC2 is that it supports very different virtualization platforms from X86 based hypervisors on X-series servers, to IBM PowerVM on P-series, to the mainframe based native virtualization on Z-series. Therefore RC2 is really a hybrid private cloud.
The talk focused on system architecture with several diagrams. I cannot reproduce these diagrams but would list the key components of the system: