VMWare 5.0 ?

I would say that this wouldnt work I think that the latency/speed of the connection would be the determining factor. What do you have for your WAN connection?

Yes, it's possible, but you really need a connection of at least 1GBps, anything slower, and it will be very very slow, and will timeout.

In most people's mind, the difference between a LAN and a WAN connection is the distance; truth is, it's all about bandwidth and latency. Most LAN connections have bandwidth at or above Fast Ethernet speeds (100Mbps) with latency measured in single-digit millisecond units (or even lower) while WAN connections are commonly lower than FastEthernet speeds and have latencies measured in nearly triple-digit milliseconds.

While iSCSI is a TCP-based protocol, its timings assume LAN performance. You can technically achieve a connection over dial-up (I've done it with Windows initiators), the performance is abysmal at best. For something like a running VM, the timings are too rigorous, and you'll fail to get machines to run properly if at all.

However, if the purpose is to copy a powered-off VM from one datastore/Datacenter to another, you may find success; I've used over-the-wan iSCSI connections for that purpose in a pinch, but there are much better ways to get VMs copied over which are compatible with wan speeds & latencies.

How else can I copy the powered off VM's between the sites?  Also, I'd like to P2V some to the storage at the other site.  Those are my primary goals while waiting for a new storage unit to arrive for local use.