Well, if no one else is going to post, I will
I think this is brilliant.
IBM should seriously consider re-packaging the HMC as a VM image + license, in addition to the current options (if not replacing them entirely).
The option to run the HMC (or slice off a new HMC to test updates etc..) from ESX would be a welcome option in many sites, if not for the flexibility but for the increased hardware utilisation and reliability. Unfortunately, until IBM does this and supports it, not many sites would be interested in even testing it.