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From SQL Server Magazine]
Deciding on a server consolidation method can be a confusing process. After reading my article, VMs vs. Multiple SQL Server Instances, December 2007, InstantDoc ID 97439, several readers contacted me wanting to know more about the two consolidation methods. Lets take a look at more factors you should consider when choosing between virtualization and multiple SQL Server instances.
The article continues at
http://www.sqlmag.com/Articles/Index.cfm?ArticleID=95148