Great news! – Microsoft has now officially announced support for Exchange Server 2007 in virtual environments, such as Microsoft Hyper-V or any third-party hypervisor that has been validated under the Windows Server Virtualization Validation Program.
|What’s supported:||Exchange Server 2007 SP1 running on Windows Server 2008|
|Supported Exchange roles:||All except Unified Messaging|
|What Hypervisor:||Microsoft Hyper-V, or any hypervisor validated by MSVVP|
More about this from the Exchange Team or Microsoft Support Policies and Recommendations for Exchange Servers in Hardware Virtualization Environments.