Does anyone know the licensing ramifications of running Exchange Standard 2007 in a virtualized environment. I plan to put this into production on a 2 box clustered system (for high availability purposes) running Microsoft Virtual Server 2005. Only the host operating systems and MS VS2005 will be clustered. The Exchange .vhd and .vmc will be on shared storage. The idea is to have the virtual machine fail over to the other box on the cluster if there is a hardware issue. Do you know if I have to licences Exchange Enterprise, or more than one copy of Exchange with this configuration?