Thanks Andrew, will give it a shot. One problem I seem to be encountering is the current HDHomeRun script installing the firmware for the non DVB-T version when you plug it in the first time.
Wierdbeard, I have only tried it with VMWare ESX, but all VMWare products should work ok.
I set it up exactly the same as on a standard machine, just make sure to install the VMWare tools first, or the install takes forever.
The only downside with using ESXi is you loose the ability to use PCI, USB & serial devices.