Good tool for doing inventory of your hardware: http://microsoft.com/map
Quick Migration: Save state, move VM, restore state. Certainly not a HA solution, but is tolerable — looks like someone has removed its network cable.
Quick Migration can take about 8 sec for a 512MB RAM VM on 1GB iSCSI (clean pipe, I imagine); about 32 seconds for a 2GB RAM VM. FC is faster, of course.
There’s a wizard that can check your virtual host cluster to make sure it can sustain a node failure.
Required Features & Required Software
Appears we would need a suite of products to make VMs do what MS is promising. So, to get the backup, hardware and workload provisioning, patching, monitoring and disaster recovery, one would need MS System Center Data Protection Manager, Virtual Machine Manager, Operations Manager 2007, and Configuration Manager.
The Virtual machine Manager has the ability to review your hardware to determine virtualization candidates. It does not look at VM hosts or servers that have already been virtualized.