I believe it may be available around the time vSphere is release, it's part of the enterprise plus, advanced and essentials plus or bought separately (http://www.vmware.com/products/data-recovery/buy.html).
Here's some basic FAQ's about the product: http://www.vmware.com/files/pdf/VMware_Data_Recovery_FAQ_4.21.09.pdf
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William Lam
VMware vExpert 2009
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