SBS 2011 just came out.
It uses Windows 2008 Server R2 and Exchange 2010.
Can I assume its compatible with Vmware 4 as 2008 R2 and exchange are supported?
Or because its a little different I should wait till Vmware puts it on the compatible list?
It should work. I have seen posts about at least one successful install. If you want to be absolutely sure about direct support I would call VMware support for confirmation.