In my experience I've always used full paths to the LV, so;
  disk =  [ 'phy:/dev/domU/w2k30.root,hda,w' ]
It's worked for me.
2008/12/19 John Morris <jman@xxxxxxxxxxx <mailto:jman@xxxxxxxxxxx>>
    CentOS 5.2 dom0 w/fairly recent updates on x86_64, xen 3.2.0 RPM
    from xensource recompiled for x86_64, Win 2k3 domU (with GPL PV
    drivers).
    With HVM, phy: disks on LVs won't work, although the same host has
    many PV CentOS hosts running no problem from LVs.  The file: disks
    work with no problems.  The disk configurations I've tried:
    Neither works:
      disk =  [ 'phy:domU/w2k30.root,ioemu:hda,w' ]
      disk =  [ 'phy:domU/w2k30.root,hda,w' ]
      Selected logs:
      [2008-12-19 12:00:11 3365] INFO (XendDomainInfo:1504)
    createDevice: vbd : \
          {'uuid': 'dada2695-5fdd-85c9-3990-8d1978a35782', 'bootable':
    1, 'driver': 'ioemu', \
          'dev': 'ioemu:hda', 'uname': 'phy:domU/w2k30.root', 'mode': 'w'}
      [2008-12-19 12:00:12 3365] INFO (XendDomainInfo:1273) Domain has
    shutdown: name=w2k30 id=63 reason=poweroff.
    Works:
      disk  =  [ 'file:/d/distro.w2k3/w2k30.root,hda,w', ]
      disk  =  [ 'tap:aio:/d/distro.w2k3/w2k30.root,hda,w' ]
      Selected logs:
      [2008-12-19 12:05:15 3365] INFO (XendDomainInfo:1504)
    createDevice: tap : \
          {'bootable': 1, 'uname':
    'tap:aio:/d/distro.w2k3/w2k30.root', 'mode': 'w', 'dev': '\
          hda', 'uuid': 'ee5b79fa-2286-dcab-9864-21af8fce8a8e'}
    With the phy: disk, the host will begin to boot, but then
    immediately shut down.  The phy: disk image was created by dding
    the file from the installed file: image into the blank phy: LV.
    If booted from the win2k3 install CD (cdrom specified as file:,
    disk as phy:), the install hangs forever at "Setup is starting
    Windows", presumably as it's trying to grok the hard drive
    configuration.
    I managed to get the domain to pause during the Plex86/Bocks Bios,
    and see the disk detection as follows:
      ata0 master: QEMU HARDDISK ATA-7 Hard-Disk (   0 MBytes)
      ata0  slave: Unknown device
      Booting from Hard Disk...
    At this point the domain shuts down.
    More information:
      [root@xen-3 distro.w2k3]# lvs /dev/domU/w2k30.root
        LV         VG   Attr   LSize Origin Snap%  Move Log Copy%  Convert
        w2k30.root domU -wi-a- 5.19G
      [root@xen-3 distro.w2k3]# fdisk -l /dev/domU/w2k30.root
      Disk /dev/domU/w2k30.root: 5570 MB, 5570035712 bytes
      255 heads, 63 sectors/track, 677 cylinders
      Units = cylinders of 16065 * 512 = 8225280 bytes
                     Device Boot      Start         End      Blocks  
    Id  System
      /dev/domU/w2k30.root1   *           1         660     5301418+  
    7  HPFS/NTFS
    Complete config file follows.  Let me know what else I can provide
    to debug this problem.  Thanks-
      John
    #
    # xen configfile for host w2k30.bt1.ablesky.com
    <http://w2k30.bt1.ablesky.com>
    # use 'xm create w2k30 mode=install' to boot from w2k3 install CD
    #
    name = "w2k30"
    memory = 1024  # memory for normal operation
    shadow_memory = 8
    #
    # disks
    #disk =  [ 'phy:domU/w2k30.root,ioemu:hda,w', ]
    #disk  =  [ 'file:/d/distro.w2k3/w2k30.root,hda,w', ]
    disk  =  [ 'tap:aio:/d/distro.w2k3/w2k30.root,hda,w' ]
    #
    # network interfaces
    vif = [ "mac=00:16:ee:a8:c8:26, type=ioemu, bridge=btbr,
    model=e100", ]
    #
    kernel = "/usr/lib64/xen/boot/hvmloader"
    builder = "hvm"
    device_model = "/usr/lib64/xen/bin/qemu-dm"
    localtime=1
    sdl = 0
    vnc = 1
    vnclisten = "0.0.0.0"
    vncdisplay = 1
    vncconsole = 1
    vncunused = 0
    vncpasswd = ""
    nographic = 0
    stdvga = 0
    usbdevice='tablet'
    serial = 'pty'
    vcpus=1
    pae=1
    acpi=1
    apic=1
    #
    # test if mode variable is defined
    try:
      mode
    except NameError:
      mode = 'normal'
    #
    if mode not in ('install','reinstall'):
          # this is for after install
          boot = 'c'
          on_reboot   = 'restart'
          on_crash    = 'restart'
    else:
          # these are for install
          disk = [
    
'file:/d/distro.w2k3/en_win_srv_2003_r2_datacenter_with_sp2_vl_cd1.iso,hdb:cdrom,r',
    \
                 
     'file:/d/distro.w2k3/en_win_srv_2003_r2_datacenter_with_sp2_vl_cd2.iso,hdc:cdrom,r'
    ] + \
                 disk
          boot        = 'd'
          on_reboot   = 'destroy'
          on_crash    = 'destroy'
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