• You are running Exchange 2007 SP1 on Windows Server 2008 OS. :)
• You do not install UM :)
• You only use Fixed Disks :(
• You do not run any management/AV/AS software on Hyper-V host. :(

2. Exchange Server 2007 is supported on 3rd Party virtualization software, as long as:

• Product has been validated by MS as part of this program: http://www.windowsservercatalog.com/svvp/ :)
• At this point, this does not seem to include VMWare (or at least I don't see it in the list of supported vendors) :(

3. Exchange HA is supported. (as long as its not combined with Hyper-V HA)

4. Clustering is supported. (as long as you're not using clutered virtualized servers.)

5. Exchange Server 2003 is supported in a virtualization environment, as long as:

• Its running Exchange 2003 SP2 or higher.
• Its running on Virtual Server 2005 R2 or higher
• Exchange 2003 is NOT clustered
• VM Additions are installed on the guests.

This is a better story than what we've had up to now, albeit not a complete support policy yet. The obviously lack of support for VMWare, IMO, is going to be an issue. Though there is basic support for all 3rd party virtualization products. http://support.microsoft.com/kb/897615/en-us