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Hyper-V vs ESXi

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That's still how it works.

I haven't verified what's in this article, but it sounds pretty well researched and makes sense. See the section, "Windows Server Licensing on top of VMWare's ESX" for how licensing works if you are running ESX (or another hypervisor):

http://74.125.155.132/search?q=cach...ise+virtual+licenses&cd=3&hl=en&ct=clnk&gl=us

Basically, you assign your "physical Server 2008 license" to the physical machine, even though you aren't running it. This keeps you from installing it on another server. And you now have one (or four) virtual Server 2008 licenses, just like with Hyper-V.

Heres a table I found from Microsoft that shows the licensing available. You'll see in the last row Standard gives you "Host + 1 VM" and Enterprise gives "Host + 4 VM".
 
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