DK and adam1942, you are both right in what you are saying.
Adam, your explanation is spot on, ESXi is a full product, however, the features which are available are restricted by the licensing you pay for. Support is a different thing, as there are different options.
KDF, as for your statement = "The big bonus of Hyper-V is cost, if you already purchased 2008 R2 you can deploy as many guests running 2008 R2 as you want with no additional licensing costs etc." oh dear. How wrong is this information, DK beat me to it, informing you that it's only 4 instances and that Data Center gives you unlimited per CPU (as the name states, great for datacentres where large volumes are required, it's quite easy to work out the ROI depending on your requirements and the break even point between the different licensing types.)
Best thing to do, if you want to mess around is use the 60 day evaluation, then rebuild your lab again. Or become a VCP and use the goodies that you get with it.
ESXi is free, however, quite limited into what you can do. A lot of SMB's, where they only need 1/2 or 3 nodes (3 being max) tend to go for the Essentials package which is around $560, the reason to use this over the "free ESXi version is for two reasons, the backup API feature (enables you to use third party tools like veeam) and also allows you to have a vCenter license (to manage multiple nodes through one console)
ESXi Essentials plus comes with a lot of extra goodies, but the price is a lot more, on version 5.0 their virtual SAN looks quite good, increases your fault tolerance but have not had a play so can't say for sure.
Please note, it's more complex than what I have written above and there are restrictions/limitations.
Three big players in my view are;
a) vmware
b) Citrix xenserver
c) Xen
They are all excellent in their own right, some better than others. The ultimate free one, yet the hardest to use is Xen. Please don't mistake this as XenServer by Citrix, they are two completely different products. An example of who uses Xen is some of Amazon's infrastructure.
I am by no means an expert, if you want real answers in regards to configurations and general sh1t, DK is your man.
Simply don't like wrong information out there, for people to make mistakes.