This Exchange Wiki page includes links to Microsoft and third party articles that explains how you virtualize Exchange according to best practice recommendations.

Microsoft

• Microsoft Support Policies and Recommendations for Exchange Servers in Hardware Virtualization Environments (originally written with Exchange 2007 in mind, but pretty much all information also applies to Exchange 2010)
• Exchange 2010 System Requirements (with Exchange 2010 the virtualization support and recommendation information has been moved to the "Exchange 2010 System Requirements" section in the Exchange 2010 TechNet documentation)
• White Paper: Comparing the Power Utilization of Native and Virtual Exchange Environments
• Should You Virtualize Your Exchange 2007 SP1 Environment?
• TechNet Webcast: Microsoft Virtualization Best Practices for Exchange Server (Level 300)
• Virtualize Exchange 2010 with Hyper-V 2008 R2 SP1 (this scenario presents configuration's options, design decisions and guidance)

Vendors

• HP recommended configuration for Microsoft Exchange Server 2010: HP LeftHand P4000 SAN
• EqualLogic Outperforms Competitive SANs under Heavily Virtualized Exchange 2010 Workloads

See Also

• Exchange Server Virtualization Resources (this Wiki page)