A nice post form MSExchangeTeam explaining where Hyper-V can work with Exchange Server 2007, in this post they explain where the virtualization can bring real benefits for an organization.
With the release of Microsoft Windows Server 2008 with Hyper-V and Microsoft
Hyper-V Server 2008, a virtualized Exchange 2007 SP1 server is no longer restricted to the realm of the lab; it can be deployed in a
production environment and receive full support from Microsoft. This past August, we published "http://technet.microsoft.com/en-us/library/cc794548.aspx">our
support policies and recommendations for virtualizing Exchange,
but many people have asked us to go beyond that guidance and weigh-in on the more philosophical question: is virtualization is a good
idea when it comes to Exchange?
Due to the performance and business requirements of Exchange, most deployments
would benefit from deployment on physical servers. However, there are some scenarios in which a virtualized Exchange 2007 infrastructure
may allow you to realize real benefits in terms of space, power, and deployment flexibility. Presented here are sample scenarios in
which virtualization may make sense, as well as checklists to help you evaluate whether the current load on your infrastructure makes it
a good candidate for virtualization.
Read more at source: "http://msexchangeteam.com/archive/2009/01/22/450463.aspx">http://msexchangeteam.com/archive/2009/01/22/450463.aspx