Hi Future2000,
Glad it was of assistance, yes I have it all up and running and have had since my original post, It runs like a dream given the cost and that it is aimed at being a lab box. Just remeber not to use the PATA controller and the Network card onboard as they are not supported but if you follow my original post you should be ok. The local disk/s will be seen as SCSI storage (don't use the intel raid either) so you can run all your VM's locally if you want to get started straight away. Also as a side note I have put in two Gigabit Network controllers, 1 PCIe and 1 PCI (both intel) and they both work properly (the PCIe a little faster IMO).
As for iSCSI, I desperatly wanted to use the Thecus as I really like the unit but gave up waiting on a firmware that supported the correct iSCSI functions. A bit later in this forum I mentioned I purchased a low end ASUS P5BV/SAS server board and use the LSI onboard controller to run a raid 1E (LSI Special raid) and deliver iSCSI via MS Windows sevrer 2003 and a software package.
This works very well for running VM's, at the moment I have 6 VM's running: MS Small Business server 2003, MS Exchange 2007 on x64, 3 * Server 2003 std as terminal servers etc, and an XP machine. It still has plenty of head room available to run more VM's if needed, and I am looking at starting some server 2008 work with it soon. The only time it struggles is during big disk I/O operations such a VM clone but even then is doesn't take too long to finish.
I haven't tried HA and DRS as yet as I haven't had the need to buy a second machine to run in a cluster as yet, also we have ESX set up at work so I have had a play HA etc there. I am positive it would work without issue if you went the whole hog.
In the not too distant futire I will be writing about it a blogs.grimfish.com and putting up some more info and photo's so if you interested head on over in a little while and have a look (it's still under construction at the moment).
I hope that covers it all 
Cheers
