Two big announcements for Exchange 2007 SP1:

1. Microsoft now supports Exchange Server 2007 SP1 running on Hyper-V or other hypervisors validated under the Microsoft Server Virtualization Validation Program (SVVP).
2. Microsoft is waiving its 90-day license reassignment policy to enable customers who virtualise Exchange to move their licenses between servers within a data farm as often as necessary.

I recommend reading the following articles for all the necessary information:

• Microsoft Virtualization and Licensing Announcements - http://msexchangeteam.com/archive/2008/08/19/449621.aspx
• Microsoft Support Policies and Recommendations for Exchange Servers in Hardware Virtualization Environments - http://technet.microsoft.com/en-us/library/cc794548.aspx

And if you're coming to Tech.Ed in Australia or NZ make sure you attend UNC306: Exchange Server 2007 SP1 and Hyper-V  where we will be doing a deep-dive on this topic - all the official technical information, recommendations, and some of the gotchas.

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