Using macvtap (configured via virt-manager and resulting in the xml below), results in an XP guest terminating abruptly, with no warning, on attempts to access windows update or even just browse http://mozilla.org
Ping and DHCP seem to work, so really small amounts of network activity aren't enough to trigger the bug.
The VM dies quite thoroughly so it might be an underlying qemu-kvm issue with the macvtap device (qemu-kvm used it like a tun/tap devices, perhaps there is a mismatch between the expected API/ABI).
XML: This is the only part that is different from an working NAT network interface guest VM
<interface type='direct'>
<mac address='52:54:00:6a:ae:53'/>
<source dev='eth2' mode='bridge'/>
<model type='pcnet'/>
<address type='pci' domain='0x0000' bus='0x00' slot='0x0b' function='0x0'/>
</interface>