Microsoft has announced the availability of a beta version of System Center Virtual Machine Manager 2008 (SCVMM) R2. As you might guess from the name, SCVMM 2008 R2 supports several features introduced with Windows Server 2008 R2 and its accompanying update to Hyper-V.

New features in SCVMM R2 include support for hot adding and removing of storage, running several virtual machines from one LUN, and new networking optimizations. The biggest addition for most users, however, is likely to be support for Live Migration.

Visit this site for more information on the beta.

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