My guess is that is does not change the MAC address but just to be safe:
Can someone confirm me that doing a VMotion on a virutalisated Windows server do not change it's MAC address?
One of my server is a FlexLM server and as you know, FlexLM licensing requires/incorporate the MAC address of the server. So, on a physical server, every time I would want to install FlexLM to another server I would need to re-register it with them. And if the network card fails on a physical server, I would also need to re-register.
But with visualization, if I need to do a maintenance on the blade that holds my visualized windows server, I do a vmotion and move all vm running on that blade to other blades and that must not impact FlexLM.