I've been running on VMWare Server for a couple of months now.
First I ran HS2 in a VM on the same machine that used to run HS1.7. In theory, this was going to give me a chance to roll back if necessary, but I ended up never going back to HS1.7.
After by MLServer system crashed (MB issue... I'd overheated it a bit I think ), I pushed it over to VMWare as well. I'd tested it briefly before so I knew it could work, but I hadn't found a good solution for all the attached USB and serial devices.
I tried a PCI / serial card, but VMWare wouldn't map all eight ports through. I tried a Comtrol terminal server but it worked poorly. I went to a 4-port-USB-to-serial adaptor and it worked pretty well. Then I added a couple more GIG of memory, taking the box from 1G to 3G.
BANG! It all worked well.
I went back to the Comtrol IP-to-Serial... and it works great!
So... now I can move the virtual machine to any system I want and I only need to move the USB-based devices that are attached and map them through to the VM (XMPCR is the main one).
I've got a SlinkE, 2 CX777ESs, and the Rotel RSP-1066 preamp all through serial.
Interestingly, I'm able to move the HS2 serial devices to the box as well and map those ports to the HS VM while other ports are mapped to the MLS VM.
I'm VERY pleased with the setup.
The next trick is getting my web server back up on another VM. I'm LAME at Apache / PERL / PHP / MySQL type of stuff... and my developers at the office don't want to deal with my Windows WAMPP environment, so they may push me to a RedHat VM so they can support XAMPP... which is fine with me as long as I can get my OLD web server up as well as a new PHP version.
VMware. Love it.